EUR/USD stalls at weekly S1

Although the bias is negative towards the currency pair, for now the support at 1.3587 refuses to give in. Still, eventually the bears are supposed to overpower the bulls and push the price below the weekly S1. Then the sell-off will have a high chance of extending down to this year's lowest level, namely 1.3475, where we may expect initiation of an upward correction before another bearish wave.

While at first it seemed as if the bulls are going to continue crowding out the bears further, there is still a perfect balance preserved between them, meaning the market does not consider the recent down-move to be overstretched.