The pair parted the green uptrend channel last week, but support level 1.3745 served as an obstacle preventing the market from moving down further. Currently we can characterize trading like it is following a downtrend, however if the pair rises above resistance level 1.4000, we can expect an uptrend to develop with the upside target set at resistance level 1.4215.
Downtrend can be expected to continue either from current resistance cloud 1.3940–1.4000 (preliminary expectation) or in case the pair drops below support level 1.3805. If the latter happens, the market will get to support levels 1.3625, 1.3620 and 1.3365.