[m.youssif]

The EURUSD had a significant bearish momentum this week, slipped below the bullish channel as you can see on my daily chart below, bottomed at 1.3200 and closed at 1.3239. This fact could be a threat to the long term bullish outlook and potential bearish reversal scenario testing 1.2920 especially if price able to consistently move below the bullish channel. Immediate resistance is seen around 1.3333/50. Break above that area would keep the long term bullish scenario intact testing 1.3500 resistance area but as long as price moves inside the bearish channel (red) we are still in strong bearish phase and only a violation to the bearish channel could end the bearish phase. We are at critical technical point now and what will happen next week is going to be very interesting.

[m.youssif]

The EURUSD had a significant bearish momentum this week, slipped below the bullish channel as you can see on my daily chart below, bottomed at 1.3200 and closed at 1.3239. This fact could be a threat to the long term bullish outlook and potential bearish reversal scenario testing 1.2920 especially if price able to consistently move below the bullish channel. Immediate resistance is seen around 1.3333/50. Break above that area would keep the long term bullish scenario intact testing 1.3500 resistance area but as long as price moves inside the bearish channel (red) we are still in strong bearish phase and only a violation to the bearish channel could end the bearish phase. We are at critical technical point now and what will happen next week is going to be very interesting.