EURUSD (1.1609): The EURUSD closed on a bearish note on Friday. The bearish engulfing pattern formed on the daily chart could suggest further downside momentum. On the 4-hour chart, price action has broken out from the bearish flag pattern. However, the EURUSD will be seen testing the previous lows near 1.1573. A break down below this low will indicate further declines in price. Alternately, if support is established higher, EURUSD could remain range bound and potentially invalidating the bearish outlook.
