Jan 1: Forex Trading Commentary:

Two things to be said about the euro today: If you look closely at the daily chart, you will notice what appears to be a channel in an uptrend – which is normally bullish. Secondly, on the 15 minute, we had a channel in a downtrend on the pound towards the end of the Asian session, which was
bearish, and manifested itself in downward price action for that currency pair, as well as the euro. Both pairs usually move in tandem, except in cases of extraordinary news affecting one versus the other. So, by seeing that formation on the GBP/USD, it was fairly logical to conclude that the euro would break down too.

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