The long term weekly outlook shows this pair testing a possible trend line. In the weekly image below, we have connected the latest two significant lows showing the possibility that the next two to three week's price will hit and possibly rebound from this trend line.
On the other hand, we have actually redrawn the trend line when switched over to a monthly outlook to better capture this price action. Prior to this month, this pair has tested this price trend zone three times in the past. Because it has been tested several times already each with a weaker and weaker pull back, this next test may not succeed. Take a look at the monthly chart below to see the wick tests.
Finally, the short term chart does indeed remain bearish. We have thought to have established a 4-hourly range, but only to have the price broken through this untested level. In any case, a further continuation is expected.
EURUSD H4 Chart
