Daily Forex Update: EUR/USD

The EUR/USD uptrend on the 240-minute time frame is correcting because the bulls were not able to sustain the pair above the 1.3300 "big figure" level. This pullback is still trading within Channel Up pattern support, and is setting up a buy entry off the lower support line at 1.3140 (A). A bounce from the uptrend line would trigger an Autochartist Retracement/Correction (ARC) entry if within a confirmed trend; however, with just a four-bar Autochartist Initial Trend reading, the 240-minute EUR/USD has transitioned into the volatile, sideways range known as a distribution cycle.