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Technical outlook and chart setups:
1. The EUR/USD weekly chart view has been presented here for the larger picture and it looks grim at the moment for bulls. The pair has reversed right from the resistance line extending through 2008, from 1.4960 levels last week. As seen here, prices have produced an evening star reversal bearish signal right at the trend line. It is recommended to initiate short positions now (1.3740), risk remains at 1.3960 for now. A huge trend reversal could be on cards.
2. Immediate resistance is at 1.3960, followed by 1.4200 and higher up, while immediate support is at1.3480, followed by 1.33 and lower respectively.
3. The wave structure indicates that if resistance at 1.3960 holds (which is highly probable looking into present setup), bears could possibly drag prices lower into 1.3's and 1.2's again.
Trading recommendations:
Remain short, stop is at 1.3960, target is open.
Good luck!
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