The whole week was in the bearish tone and the EURUSD has broken the uptrend channel. Wednesday, October 28, was the day when the market broke the trendline and made a pullback for testing.
After the breakout confirmation the price continued moving down.
The pair ended the week in the middle area between two strong resistance levels.
On the upper side we have $1.17000 and on the bottom side we have $1.16178.
What can we expect from the current bearish market status?
Well, as it now looks like the market is heading down and the first support that is ahead is $1.16178 which stopped the price last time. That stop was a month ago, on October 25.
Strong bearish candles that have formed this week shows clearly that we are now in a bearish move and the price can be stopped only on a strong support level.
The first support $1.16178 likely will not hold the price so the next support is at $1.15462 which is a confluence of support levels.
Many times in the past this level has stopped bears to move down. So, we can expect the price to reach that level and then make a pullback.
The area from $1.15150 -$1.15500 is an area where the price could find a support.
Since the bears have overtaken the market and the price closed below $1.17000 I am bearish oriented until the price reaches $1.15462.
We can expect a price reaching $1.16178 and then possible pullback to an area $1.16700-$1.17000 before further move down.
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