EURUSD - Top Down Analysis

Staring with the 4hr time-frame, price action closed below the descending channel support on Friday. This week we have another Fed meeting on Wednesday (the FOMC) which could add some additional selling pressure for the euro.

The next downside level of support to monitor is just below the 1.17 handle around 1.1660. On the other hand, if price action manages to climb back up, we may see some continued choppy action in the descending channel.

== DAILY VIEW ==


Taking a look at the daily time-frame, we can see price-action is trading below the 200 SMA which is a bearish indication. We also get a broader view of the macro channel which shows resistance could extend as high as 1.2190.

== WEEKLY VIEW ==


Lastly with the weekly view. this pair does appear to be moving somewhat sideways with downside support limited to the 1.16 area and upside resistance around 1.2150-1.22