FX.co ★ EURUSD approaching weekly support.

EURUSD bulls could not defend 1.0945. Price is now trading below 1.09. Price remains inside the medium-term bearish channel. Price is vulnerable to reaching the lower channel boundary and providing another bullish divergence. Bears remain in control of the trend.

Blue line- long-term support trend line

EURUSD is approaching the major support trend line. Price remains in a weekly bearish trend and price is vulnerable to making a new lower low towards 1.0750. At 1.0850 we find the blue support trend line. A weekly close below this level would be bad news for bulls. Weekly resistance is at 1.1120 and only a close above this level on a weekly basis would provide a reversal signal.