Looking at the EURUSD weekly chart, we can see the extension of the downward trend triggered by the CPI announcement on the 10th of November and the negative momentum driving the price lower and lower. It managed to somehow hold its ground forming a support level at 1.143, howev+er without any signs for reversal or positive outlook, it fell lower to 1.1373. It is currently trading in the 1.1375 range, attempting to form it as support.
Today we could expect an extension of the short-term trend and move below the 1.137 price range, as the short-term negative momentum is very much in play.
If however, it manages to hold its current level then a case for consolidation at the 1.1375 price range can be expected.
(Click on image to enlarge)
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