EUR/USD is in short-term downtrend and most recently I found the breakout of the 4-week trading range. Further downside is in play...
Red horizontal line – Important resistance and upward objective
Black down slopping line – Resistance line
Purple horizontal lines – Trading range boundaries
Red horizontal lines – Weekly support levels
Strong downward trend is present and I would watch for selling opportunities. The weekly support levels at 1.0915 and 1.0850 are in play. There is nothing bullish on the market and no signs of any reversal, which is indication of the weakness. Watch for selling opportunities on the rallies with the targets at 1.0915-1.0850. Important resistance is set at 1.1160.
