Since the beginning of the year, the currency pair gain almost 12.0% although last week fell more than 0.5% and remains in a bullish phase since mid-November. Last week the EURUSD fell with a wide range and closed near the low of the week, in addition managed to close below the previous week low, which suggests a strong bearish momentum. The stochastic is showing a weak bullish momentum although crossed above the 50 mid line. The currency pair began making lower highs although is still holding its lows sign of weakness to the upside and appears to have found some support near the 10-week moving average however, will be enough to push the price back up again? Expecting a downward move to a key level at 1.1616 on a break below the previous week low at 1.1730 (scenario 1) however a bounce from the key level at 1.1616 could trigger another bullish run toward a bearish trend line at 1.1888 (scenario 2).