The EURUSD (weekly) reversed down from a failed bull reversal this week. There are bull gaps below which are being tested. The bulls will try to form a nested wedge bull flag reversal for a large second leg up soon. If it fails, prices will likely test the low of the previous range around 1.044. The bulls need to keep atleast the breakout gap around 1.080 open. If it is filled, the bears will have an increased chance of a bear breakout below the range and larger second leg down from the May 2014 selloff. For now prices will likely remain range bound as both sides fight for follow through.
