EURUSD had a very volatile week and closed around 1.0911 with minimal losses, despite price moving as high as 1.11. Technically trend remains bearish as price is making lower lows and lower highs. The major support and low around 1.08-1.0850 continues to be respected as price is trading close to the lower channel boundaries.
Blue line- major support
This week has started on a positive note for EURUSD. As we explained in previous post last week, EURUSD justifies a reversal to the upside at least for the short-term. The bearish trend shows weakening signs by the bullish RSI divergencies. A move towards 1.12 is justified from current levels and that is why bears need to be extra cautious. There is no trend reversal confirmation yet.