EUR/USD Weekly Chart Signals Further Declines

EUR/USD – Euro/dollar reverses at resistance, bears in control

The EUR/USD continues to lose ground as the long-term downtrend is intact and active. Notice the strong rejection of higher prices last week as price retraced up to 1.0855 – 1.0900 key resistance and subsequently reversed, losing significant ground in the process.

Looking at the weekly EUR/USD chart, you can see a big bearish pin bar formed last week, reflecting the weakness in this pair right now. Traders can continue to look to sell whilst price is under that containment area at 1.0855 – 1.0900 by watching for strength to get short. Keep an eye on the 1 hour, 4 hour or daily charts for price action sell signals following any strength this week, to get short.

EUR/USD Daily Chart

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