Once again, EUR is back playing around 1.1925 Weekly resistance whilst the pair consolidates between a 160Pip range - (1.1740 - 1.1580).
Due to the bearish weekly closure which engulfed the previous 4 trading weeks, it's highly probable that EUR will lose further strength against the USD over the next few days after the current pullback over the last 24 hours.
For added conrmation & trade entry, the 1.1700 (highlighted) level will have to be broken to the downside. Ideally, the H4 candle will have to break and close below for the freefall to commence. 1.1650 should be the rst level for prot taking (Monday lows) and if the pair continues to decline then 1.1580 is the next major key level to take into consideration.
Ultimately, this pair still has the potential to collapse into the multi-month low regional support 1.1450 as mentioned a few articles ago.
Blog Post by: Shaun Lee