Last week, we did see the EUR/USD testing its descending trendline for the 4th time since the beginning of May.
Considering the new fail ahead of this resistance, after a new fresh high at 1,4535, the pair might be in the process of carving out a new “lower top”. In this event, next target would the 1,40 area.
On the other hand, a break above 1,4535 would confirm a bullish momentum with a possible objective near 1,47.
Given the proximity of the strong trendline, we will wait for a clear move in either side before building any position on the Euro.