The Euro has been falling for four weeks

On the weekly chart of the EURUSD we can see that the pair has been falling for four consecutive weeks and falls to the 55 week EMA around the 1.1863 level. The pair may try to bounce to the upside from the 55 week EMA, but a better support for the EURUSD may be the 1.1800 level where we can find the 76.4% Fibonacci retracement of the rally from the 1.1550 level to the 1.2550 level. Just below the 1.1800 level we can also find the 200 week EMA, which can contribute to make that zone a very good support. On the other hand, the EURUSD may try to correct to the upside due to the fact that it is clearly over-extended to the downside. The 1.2043 level may act as resistance, but a better resistance could be the 1.2200 level.