The inability of the EURUSD
to rally above 1.1103 after trying multiple attempts is a concern here. Everything looked OK up until June 20th when it broke down through the rising trendline
only to reverse upwards but failing to stay above that trend line
. The weekly price action since then has been one of erosion as can be seen by the purple downward trendline
, indicating that 1.1103 area is tough to maintain.
Technically whats most troubling is the steady erosion taking place where price action is about to test the next lower support area