The EURUSD continued its bearish momentum this week, bottomed at 1.4065 and closed at 1.4115 on Friday. The Euro failed to continue the bullish outlook which led by the breakout above the trend line resistance on April and now slipped back below the trend line resistance as you can see on my weekly chart below and price is now testing April’s low at 1.4061. A clear break below 1.4061 – 1.4000 key support area could trigger further bearish outlook testing 1.3782 which is the 38.2% Fibonacci retracement of 1.1875 – 1.4939. Immediate resistance at 1.4200 followed by 1.4440. As long as price moves below 1.4440 my short/medium technical bias remains to the downside.
Have a great weekend and see you guys next week.
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