Sasha Singh
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EURUSD : Bearish For Now But Weekly Chart Showing Uptrend

EURUSD : 4 Hour Chart

EURUSD today has strengthened a little after finding support at 1.3241 but the gains continue to remain capped and the pair is expected to continue declining. As we can see that on the 4 hour chart, there is a resistance at 1.3282 which was earlier acting as support for the pair. Well I am surprised that even after the downbeat euro area Flash Manufacturing PMI the pair strengthened. Seems like the upbeat Flash services PMI for Germany and France provided some support to the pair. There is no effect of upbeat US unemployment claims report on the pair as the pair didn't decline after it. Fundamentally and technically the pair might see bearish but let's have a look at the weekly chart.

EURUSD : Weekly Chart

On the weekly chart, the pair seems like following an rising channel trend. The pair may pause its decline after reaching the support trend line of the channel and rise.This support trend line seems a key decision area for EUR. If the pair is not able to hold below this support trend line we might again see a push back towards the resistance trend line of the channel.So may the trend be bearish for now but for long term we might see some surge in the pair.