EUR/USD Price Analysis: Prints longest weekly losing run since July

EUR/USD looks south after registering three-week losing streak.
The pair risks falling to key rising trendline support near 1.1060.

Omkar Godbole FXStreet Contributor

EUR/USD fell 0.30% last week, having registered moderate losses in the preceding two weeks.

The single currency’s three-week losing run is the longest trend of weekly declines since July.

Bears may challenge uptrend line

The long upper shadows attached to the previous three weekly candles is telling a tale of growing bearish momentum – more so, as all candles ended in the red.

Further, the failed bearish channel breakout on the daily chart may be indicative of reversal lower.

The pair, therefore, appears on track to challenge the support at 1.1063 – the support of the trendline connecting lows seen on Oct, 1 and Nov. 29.

The outlook would turn bullish if the trendline support holds ground, fueling a price bounce to levels above the bearish lower of 1.1173 created on Jan. 16.

At press time, EUR/USD is mildly bid near 1.1098.

Weekly chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.1096
Today Daily Change	0.0003
Today Daily Change %	0.03
Today daily open	1.1093

Trends
Daily SMA20	1.1143
Daily SMA50	1.1098
Daily SMA100	1.1069
Daily SMA200	1.1137

Levels
Previous Daily High	1.1143
Previous Daily Low	1.1086
Previous Weekly High	1.1173
Previous Weekly Low	1.1086
Previous Monthly High	1.124
Previous Monthly Low	1.1002
Daily Fibonacci 38.2%	1.1108
Daily Fibonacci 61.8%	1.1121
Daily Pivot Point S1	1.1072
Daily Pivot Point S2	1.105
Daily Pivot Point S3	1.1015
Daily Pivot Point R1	1.1129
Daily Pivot Point R2	1.1164
Daily Pivot Point R3	1.1186

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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