EUR/USD Volatile

EUR/USD pair posted a loss on Friday causing the weekly candle to turn red and dangerously pointing downward. The pair went from a high of 1.1233 to a low of 1.1166 in a matter of hours as suddenly the bullish trend took a break and bears stepped in to turn the direction.

The weekly close is at 1.1179 and as it appears, bears might have the upped hand now as the momentum has turned from bullish to bearish. Moreover, it's been a while since we last saw a corrective wave, and the recent multiple rejections at the 1.1250 level are indicative that bulls have a hard time going beyond this resistance.

First bear target is now seen at 1.1100, while second and more anticipated is the resistance turned support at 1. 1021. Beyond that level, bears might attempt to go to 1.0900 and major support zone at 1.0600.

Chart: EUR/USD H4