The Euro is trading lower after posting a high at 1.4247 on Tuesday and forming a closing price reversal top. Downside pressure overnight confirmed the chart pattern triggering what is likely to be a short-term retracement back to 1.4000 to 1.3947.
The short-term range is 1.3752 to 1.4247. Forming inside of this range is a set of uptrending Gann angles at 1.4072, 1.3968 and 1.3913, making for an interesting support cluster inside of the retracement zone at 1.4000 to 1.3947.
Expectations are for the market to find a little support inside of this zone on its first test. If anything, trading is likely to be labored in this area as both longs and shorts fight for control. Holding this zone would produce another higher bottom in the uptrend, but a breakdown of Gann angle support will likely mean that a more severe break is in the making.