Very bearish price action as the EURUSD closed Friday’s session sharply lower, forming a long bearish engulfing candle.
The most recent upside pullback was halted near the key shaded area on chart. A confluence of horizontal resistance, the 50-days simple moving average and the falling trend line for a potential descending channel .
The EURUSD trend remains bearish. Technically downside bias remains favored , where only a break back above that shaded area around 1.1700 would revive the chances for any significant bullish price action.
Next potential short term targets at the 1.27 extension of the most recent minor pullback around 1.1480, followed by 1.1420.