EURUSD is trading near the weekly lows. Price has broken below the lows of the previous three weeks and this is a bearish sign. Price got rejected at the 1.19-1.1850 resistance and bulls have failed to hold price above 1.17.

In previous analysis we noted that key support was at 1.17 and breaking below it would be a bearish sign. So far it seems like the break down is real and not a false one. Of course confirmation will come early next week. Bears are in control of this trend. As long as price is below 1.1850 we expect price to move lower towards 1.16-1.15 as we explained in this past analysis.