FX.co ★ Weekly analysis on EURUSD

EURUSD had a negative week falling nearly half a percent relative to last week. During this week prices fell more than 1% below 1.08 towards lows 1.07 but on Friday prices bounced back up. Price has stopped the decline at crucial horizontal support.

Blue rectangle -target

Yellow rectangle - resistance

Red horizontal lines - Fibonacci expansions

Black line - horizontal support

EURUSD continues to make lower lows and lower highs. Trend remains bearish and I continue to expect price to move towards 1.06 if not lower. This past week price stopped right at the horizontal support at 1.0765. Bulls had a small victory since they managed to close price above this support level. Key resistance remains at 1.0980-1.0990. As long as price is below that level, the clear trend will remain bearish.