Bearish outlook on EURUSD

FX:EURUSD   Euro / U.S. Dollar
After careful analysis of the euro chart the overall outlook for next week (5th-9th) is bearish with first target being 1.1341
Since the 24th of September the euro market has been on a CONSISTENT down trend. While on the daily chart there is some what of a head and shoulder pattern which could give an explanation to the current movements of the market. After the market closed at 1.1387, after testing a support (not an assured test of the support, but final confirmation can be formed after the market opens), a break and a retest of the support (which would then be the new resistance) is expected in order to confirm the 1.1341 first target. The final target for the week is 1.1308. According to ( the technical analysis summary shows that the 5min, 15min, hourly, and daily are indicating a strong sell, which also supports this analysis.


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