EURUSD neutral at the moment but with bullish structure

http://bit.ly/2mA8z4e

EURUSD is proving to have traced out the end of an initial corrective move and as such our weekly outlook is slightly bullish. We will take long (upside) opportunities on daily price close above downward sloping trend line shown with a target of 1.07628 first and at which point selling pressure might resume again to bring price back down over the coming weeks to 1.04871/1.04796 support zone. If daily prices close above the 2nd of February 2017 high of 1.08286, it will be considered confirmation of the end of the downward trend and the resumption of a lengthy bull (upside) trend for the Euro against the US dollar.

On the downside, daily price close beneath the upward sloping trend line shown will bring the 1.04871/1.04796 support zone into focus. Penetration below the 1.04871/1.04796 support area should bring further decline of EURUSD to the 28th of Decemeber 2016 low of 1.03737. Weekly price close below this level will be confirmation of the continuation of the downtrend that started on the 13th of July 2014 and will be seen as progression of the downtrend for the euro towards parity with the US dollar. See actual chart via link attached.