EURO Under Selling Pressure

FX:EURUSD   Euro / U.S. Dollar
This pair is now in downtrend after a marubozu candle forms a bearish engulfing pattern in weekly chart and again a selling pressure last week.

There is a possibility for this pair to do a bullish pullback but most likely it may still below 1.37 with 1.3475-1.35 as resistance, while the down side target would be around 1.325-1.327, 1.315-1.316, and a possibility to get to 1.305-1.308 or even a test to 1.3 last year's psychological level.

We have 1.3396 now as weekly pivot also a support/resistance level and a trading range inside 1.326-1.348.

US and Canada will be closed on Monday so the effective trading time will only during London session for this pair.
We have ZEW Survey - Economic sentiment that may give a push to the upside for this pair possibly above pivot if it goes as expected and on Feb 20, German data CPI and PPI with bad expectation may drive this pair back below weekly pivot if the data results are as expected.

Levels plotted above are Weekly Pivot


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