EURUSD WEEKLY
TECHNICAL ANALYSIS

The price has been reacting to the large weekly and monthly support. The congestion zone is marked by red horizontal lines marked X and Y. Therefore break and close off the X and Y zones will confirm larger movement either way. But for now the trading has been in the highlighted rectangle (congestion zone).

Within the rectangle, price is running in a channel marked by A and B green trendlines. Break and close below A can land price into the 1.09777 support zone marked by the blue horizontal line. This zone is the major pivotal zone within the formed congestion. Break and close below this zone may land price into the lower zones of the congestion marked by the Y red horizontal line around 1.05212.