Looking at the EURUSD weekly chart, we can see the extension of the downward trend and the failure to consolidate above the previous support level of 1.1355 on the 16th of November, subsequently falling further down to the 1.13 price range where support was found. Furthermore, we saw a bounce from that support and a steady climb back up to the 1.355 price range which now serves as resistance. It is currently trading on the 1.1355 resistance level, attempting to convert it to support.
Today we could expect a consolidation at this level and possibly a move up towards the 1.14 range, as the negative momentum seems to be wearing off.
If however, it doesn’t manage to hold its current level then a case for a move below the 1.1355 price range can be expected.
(Click on image to enlarge)
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