Rather prolific week in data releases coming from major economies just elapsed. But let’s leave fundamentals for a second part of report and start our week summary from technical analysis’ factors as probably the most weighty ones.
EURUSD chart
Despite the fact that EURUSD during entire week decreased solely 25 pips, it moved shakily in a range between 1.3500 and 1.3131 levels, dropping from Tuesday’s high to Friday’s low 370 pips. Constituting the list of the most interesting issues that we reported during the week, was forming Head and Shoulders price formation (plotted on a chart below) on Wednesday. Current technical outlook of the main pair is rather bearish. This conclusion may be made because of the fact that EURUSD has breached most of the significant supports during prior week. Namely 1.3206 and 1.3179 levels. Hence we hold an opinion that EURUSD is likely to move downward after consolidating or correcting for a while. 
In line with bearish scenario is also technical analysis of M15 EURUSD chart. According to Elliot Waves Theory the main pair might shortly start an downward movement. Detail are provided on a chart below.
EUR index and U.S. Dollar index
Also in line with downward trend on EURUSD chart are both EURX index and USDX index. USDX bounced off the lower line of green channel and tested Fibonacci retracement (chart below). Breaching mentioned resistance may lead to enduring long term upwards trend.
Glance at EURX index chart shows one of the most effective price patterns of trend continuation – triangular. Moreover most of significant indicators shows that downward trend is accelerating.
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