On Weekly,further downside can be expected in the form of a deeper correction of the 1.2060-1.3175 wave, with the formation of either a Reverse Head and Shoulders or a Double Bottom.
The Euro keeps itself inside the downtrend channel on Daily maintaing its bearish trend on the medium and possibly long term, and after a rejection at the confluence of 1.2750 (Fibo 61.8 of weekly/daily ascendent wave 1.2060-1.3175) and its MAs,it is now testing the 1.2830 resistance trough a correction on H4 of the 1.3020-1.2762 descendent wave, which has been validated and completed at the Fibo 61.8 level (1.2860), where a rejection candle has completed.
This probably shows us that the testing of the 1.2830 resistance (support of the previously broken range) will fail to break above it and further downside is expected.
This maintains us in our bearish view and short position.
Keep short positions open with a stop loss on a close above the channel resistance, and for new short possition opportunites look on the H4 chart and set a target at the pivotal zone of 1.2545, near the next support and Fibo 38.2 of weekly/daily ascendent wave 1.2060-1.3175.
Keep your attention on how price acts at the 1.2620 support (Fibo 50.0 level of 1.2060-1.3175) before targeting lower at 1.2545 (Fibo 38.2).
The Reversed H&S on Weekly might form its second shoulder's bottom at 1.2620 or 1.2545 or even lower.
In the case of a Weekly Double Bottom, we might see lows as much as 1.20 to 1.24 where the second bottom will be formed before new significant upside in the Euro will be expected.
On the H4 chart, the correction of the 1.3020-1.2762 wave shows completion patterns, with a rejection candle at Fibo 61.8 (1.2860).
Concentrate on a new short opportunity on a break and consolidation below the 1.2814 support and 1.2800 pivot, with a entry at 1.2803, a target near the next support (and Daily target) of 1.2590 and a stop loss inside the range at 1.2858.