[Calxy]

EURUSD


• EURUSD has posted a bearish weekly reversal at the trend high.
• This is the first bearish weekly reversal since the first trading week this year
• When a bearish weekly reversal was posted on January 2nd, EURUSD continued to fall for 9 weeks.
• Previous examples however show that EURUSD fell for 2 weeks after the bearish weekly reversal in April 2008 and for 3 weeks after the bearish weekly reversal in July 2007.

Overall at this stage we continue to believe that EURUSD is still in a corrective down phase which should see it test the 55 day moving average at 1.4618

Trend support below there comes in at 1.4573 and a breach of that would then suggest a deeper correction down over the coming weeks.

EURUSD daily chart