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EUR/USD is mildly bid in Asia, but the gains could be short-lived, as yesterday’s sell-off seems to have put sellers in commanding position for the near term.  

As of writing, the pair is trading at the session high of 1.1241, having hit lows near 1.1260 earlier today.  The shared currency fell more than 70 pips yesterday, confirming a downside break of the rising channel.  

Daily chart

  • The repeated failure to close above 1.13 followed by the bullish channel breakdown indicates the path of least resistance is now to the downside and the recent lows near 1.1170 could soon come into play.  
  • The sell-off, however, may not happen today, as trading volumes will remain thin on account of the Good Friday holiday in major FX trading hubs in Europe and the US.  

Trend: Bearish