The EURUSD continued its bearish momentum last week , bottomed at the 1.3615 levels and topped at the 1.3733 levels . This development suggests that rise from 1.3476 has completed at the 1.3993 levels, and sooner or later the pair is likely to target the 1.3476 levels.
At the moment , support comes at the 1.3615 levels , sustained trading below this level will accelerate the bearish move towards the 1.3476 , a halt is likely but a break would open 1.3325 next , further downside will aim the 1.3163 levels, If this import level surrenders , expect a lower leg below the 1.2754 levels before the next rise..
On the upside , resistance comes at the 1.3695 ahead of 1.3774 ( main ) , stability below both levels will keep the bearish momentum intact , however ; break of 1.3774 on a weekly basis will turn outlook neutral for retesting the 1.3882/1.3993 levels before the possible fall, to reverse risks to the upside , 1.3993 should be taken out , If seen , the pair will extend gains towards the 1.4100/1.4200 levels.
In all , as long as resistance 1.3774 holds on a weekly closing basis , outlook in EURUSD remains on the downside towards the 1.3476 levels and possible lower , break of 1.3774 levels on a weekly basis will reverse risks towards the 1.3882/1.3993 levels.
Note : In medium term outlook , losing the 1.3476 levels on a weekly basis is supposed to pave the way towards the 1.2754 levels , but 1.3163/13180 protects the 1.2754 levels , so losing the 1.3163 on a weekly basis will suggest a lower leg below the 1.2754 before the next possible rise, so expect a strong and solid support from the 1.3200 levels , keep that in mind !!!