Here’s my take on the EURUSD, from the technical viewpoint of a swing trader.
The daily time frame shows a market in a corrective phase of an impulsive downward trend. This operation is taking place in a descending wedge (blue). Currently, price action is located around a minor horizontal support, the 1.12330 area; and barriers to a southward movement include the wedge support (less than 30 pips away) and a major horizontal support at the 1.11300 area. Thus, bears may find it difficult to gain momentum for a southward continuation. In the early part of this week, we may see a sideways of price action, or even a brief northward retracement to an area of value, before a southward turnaround.
I may be wrong. Trade safe and prosper.