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EURUSD : Bearish Trend Continues, Targeting 1.2747?

EURUSD : Daily Chart

EURUSD continues to trade within the falling channel on the daily chart and currently testing the key support at 1.2824 which supported the pair couple of times earlier also.If it continues to decline the next target level would be 1.2747. The moving averages are also heading downward in the same downward direction signaling a downtrend continuation. We might see a surge from this level however the surge would be limited to the resistance trend line.

EURUSD : 4 Hour Chart

On the 4 hour chart, the pair reversed the short term uptrend by breaking below the rising support trend line of the ascending triangle. It found support at 1.2834 and again rose today but the 50 day SMA might prevent it to rise further as it did earlier. Also the previous support at 1.2905 might now act as resistance for the pair.