12.02.202023:35 Forex Analysis & Reviews: Weekly EURUSD analysis

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EURUSD remains in a bearish trend. This week started on a negative note for bulls as price was under selling pressure from the beginning. With price breaking below important support levels, it was a matter of time to see price below 1.09.

Red lines- bearish channel

EURUSD is making new weekly lows relative to the September lows. This has important bearish implications. As long as price is below 1.11 weekly trend is bearish. Price will most probably move towards the lower red trend line around 1.07-1.0750. Only in the 4 hour chart we can see warning bullish divergence signs. At the end of the week we could see a bounce towards 1.0950-1.10 but I would not expect anything higher.

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