The EURUSD had a significant bearish movement this week, fell below 1.4000 key support level and bottomed at 1.3862. On daily chart below we have a nice bearish channel indicating valid bearish trend which has started since December 2009. I am expecting bearish continuation next week. Initial support is seen around 1.3800 – 1.3750 area (50% Fibo retracement of 1.2457 – 1.5144). Break below that area should trigger further bearish momentum targeting 1.3490 area (61.8% Fibo retracement of 1.2457 – 1.5144). On the upside, immediate resistance at 1.4000/30 followed by 1.4126/50 area.
Have a great weekend and see you guys next week!