Blue lines- Fibonacci retracement levels
Red lines- bearish channel
EURUSD is in its 8th consecutive negative weekly candle. Price has formed a bearish channel since the top at 1.1276 and continues making lower lows and lower highs. Since the start of the decline our first target area was at the 38% Fibonacci retracement level of the entire rise from 0.9536. The RSI has still a lot of room towards the oversold levels. In the near term a bounce higher is justified. On a weekly basis EURUSD remains vulnerable to a move lower. 1.0610 remains our first target. Last week's high at 1.0945 is key resistance and only a break above this level would cancel our 1.0610 target.