We may expect the EURUSD to continue a bearish disposition this week.
On the weekly time frame, in January 2018, the market made a 61.8 Fib retracement of the downward drop from the high of April 2014 to the low of December 2016 and is trading below a descending trendline (red) traceable to May 2011. An ascending trendline (black) traceable to the low of December 2016 was breached southwards in November 2018 and retested for a role flip in January 2019. Presently, price action on the weekly time frame is located around a multi-year S/R area and is in a consolidation phase. A breakdown of the area is likely to result in a momentum for a southward continuation. Any northward retracement is likely to be corrective in nature.
I may be wrong. Trade safe and prosper.
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