EURUSD Outlook for week commencing 12/02/2017 (Cautiously Short)

FX_IDC:EURUSD   Euro / U.S. Dollar

Our outlook for EURUSD in the bigger picture is cautiously bearish . The pair seems to have traced or is tracing out what seems to be a large A-B-C pattern with the final leg of wave C still unfolding as shown above. However we are attentive to the clear bullish divergence on Weekly MACD as shown in chart above (red lines).