Folks, last weeks price action on this par moved as had expected where the lows were tested following a failure to carry forward. A new downward sloping regression channel has formed due to the upward price reversal set in place by the past few trading sessions, showing the upper & lower area range channel of $1.0533 to $1.0678. Price action next week will have to break out of the upper range level of $1.0677 to invalidate this new channel otherwise we'll see price action momentum continuing it's downwardly direction. A little help from other cross pairs ; namely a weakening USDJPY
, should push up the EURUSD
. If this happens, look for price action movement to target $1.0812 levels.