EURUSD closed the week near its weekly lows. Price is just above the major support of 1.1750. At 1.17 we see the 38% Fibonacci retracement where the previous low was made. Breaking below 1.1750 will increase chances of a making a new lower low below 1.17.
EURUSD in the short-term justifies a trend reversal and a move higher towards 1.19 as we explained in previous posts. Trend in the near term remains bearish. There is no reversal confirmation yet. On a weekly basis trend also remains bearish. On a weekly basis a bounce towards 1.19 will not be enough to cancel the downward trend. Weekly view remains bearish with increased chances of a move towards 1.15.
