Red lines- bearish channel
EURUSD is trading around 0.9752 after reaching as high as 0.9876 earlier this week. Weekly trend remains bearish as price is still inside the weekly downward sloping channel. Another weekly candle with a long upper tail, confirming the fact that bears remain in control of the trend. The week is about to close near the lower end of the weekly range. Unless something spectacular happens from the bulls, in order to push price higher, we see this weekly candle as another sign of weakness. On a weekly basis there is no sign of a possible reversal yet.
