The EURUSD is presumed to sustain its bearish trend in the upcoming week as the price continues to traverse within the bearish channel that began weighing the pair since May. Last week, the pair continued its stair-like descent as it fell beneath multiple support levels along the 1.2537, 1.2443 and the 1.2351 marks to reach a near two-year low of 1.2288. Although the pair recovered modestly, the price seemingly met tough opposition from the 1.2443 as it resumed to decline after a brief encounter with the said level.

Observing the four-hour chart, the EMA(30), EMA(45) and EMA(60) are arrayed bearishly atop the latest candlesticks, providing tough opposition for the pair to incline. With all 3 lines seemingly firm in their position, expect the price to decline in the coming days. Meanwhile, the Stoc(5,3,3) is suggesting that the pair is apt to exhibit a bearish run in the coming hours as its %K and %D lines are approaching the overbought territory. Once both indicator lines reach the overbought space, expect the price to quickly get its descent underway. Finally, the MACD(12,26,9) is depicting the underlying strength of the bears as its signal line and histogram remain lengthy within the negative space to signify that the bias remains tilted to the downside.

Uncertainty over a resolution to the lingering debt woes in the Euro region is presumed to continue weighing on the single currency this week as officials remain at odds over the issue of fiscal union within the region. Likewise, bleak outcomes from the Sentix Investor Confidence, Retail Sales and German Factory Orders are seen to further debilitate the single currency. As such, a short position is advised for the Euro-Greenback.