Eurusd has been facing pressure since September as bulls started to take a little step back from their long positions. Speculative net positions have been trending since March but the trend failed in September. Since then eurusd fell more than %2. But this may be just a little bump in the road.
Long-term trend of eurusd which starts from 2008 crisis, had passed over to the upside this summer. And the fall we saw lately may be a back test to this trend line. As long as the price stays over 1.1540, downside moves can become buying opportunities. But if the price closes below 1.1540 for a few days that is another story.
Currently, eurusd testing its last bottom, 1.1612. If this support break below, 1.1540 can be the next target. The horizontal support in 200 days moving average z-score is failing. This may be a downside move signal for the short term.
If 1.1612 support holds, we may see a upward move toward 1,17 this week.