recently some short selling has happened in E/U. Price has failed to push through the 50% fibo level of last retracement. This has triggered a strong downmove. Now the nearest support it has to maintain anyhow inorder to riseup again forming other bullish channel. But if it fails then it will take a support on this Red bold trend line and will be trapped in a downward channel.
Comment:
failing to cross the converted resistance.