EUR/USD Weekly Summary: Risk appetite helps Euro hold above technical support

The EUR/USD had a bearish momentum this week. Opened at 1.2892, price bottomed at 1.2643, which is the 23.6% Fibonacci retracement of 1.5140 - 1.1876, and closed at 1.2710 on Friday. On daily chart below we can see that price has been indecisive from Wednesday to Friday after dropped significantly on Tuesday. Price made some attempts to break below the trend line support but a serial of better than expected economic data from UK (Halifax HPI),  US (Trade balance, Unemployment Claims)  and Euro zone itself (French Industrial Production)  triggered risk appetite sentiment and hold the Euro above trend line support. I still believe that the major technical scenario remains bearish. Judging from the price action after the data release, the bullish reactions were short lived indicating bearish pressure is still alive and kicking. For the upcoming week, my technical focus remains to see what happen to the trend line support. Consistent move below the trend line support and 1.2643 could trigger further bearish continuation at least testing 1.2523 even lower. But if we keep seeing rejection to move below the trend line support, the bearish pressure may get exhausted and on the other hand, the upside pressure could gain some momentum testing 1.2770. Break above that area could trigger further upside pressure testing 1.2850 - 1.2930 region. Let's see what will happen and hope we can react correctly to any facts in the market.