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  • EUR/USD’s weekly chart is reporting weakening of the downside bias. 
  • A break above 1.0864 would confirm seller exhaustion and could yield a corrective move higher. 

EUR/USD could see a notable corrective bounce if the spot manages to take out the resistance at 1.0864. 

A move above that level would validate or confirm the seller exhaustion at 34-month lows signaled by the last week’s hammer candle, which occurs when the period begins on a pessimistic note but ends with optimism. 

The descending 10-week average, currently at 1.1012, will likely come into play if the seller exhaustion is confirmed with a move above 1.0864

On the downside, the previous week’s low of 1.0778 is the level to beat for the sellers. Acceptance under that level would imply a continuation of the sell-off. 

Weekly chart

Trend: Neutral

Technical levels

 

Expert score

5

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