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EUR/USD - weekly chart outlook

FX_IDC:EURUSD   Euro / U.S. Dollar
Weekly chart pattern - Rising channel at risk of bearish break

Weekly RSI - Rising trend breached

Strong support at 1.1088 = confluence of weekly 50-MA and rising channel support

Outlook

  • Euro's rebound from 1.1097 if followed by a day end closing above daily 100-MA at 1.1176 would signal a short-term bottom has been made and prices could test weekly 5-MA at 1.1236 (also 38.2% of 2015 low-2015 high).
  • On the other hand, a failure to take out daily 100-MA could trigger a break below 1.1088.
  • A weekly close below 1.1088 could signal further losses towards 1.08222 (red support line on the chart).
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