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EURUSD: Bearish inside week

Since the start of the year the currency gained in excess of 3.0% however last week fell more than 1.0% and is in a well-established accumulation phase since mid-August.

Last week the EURUSD fell with a narrow range and closed near the low of the week, in addition managed to close within the previous week range, which suggests being slightly on the bearish side of neutral.

The stochastic is showing a strong bullish momentum and crossed above the 50 mid line.

Expecting a downward move to a key level at 1.0952 on a break below the 1.1153 (scenario 1) however a breakout above the previous week high at 1.1355 could trigger a rally up to a weekly resistance at 1.1533 (scenario 2).