EURUSD is trading around 1.14, back testing the broken upper channel boundary, which is now support. Bulls want to see price bounce off the channel boundary and resume the up trend. On the other hand, bears want to see price break below 1.1350 and re-enter the medium-term bearish channel.

Black
lines- bearish channel

Last
week EURUSD broke out of the medium-term bearish channel. On Friday
price started a reversal as a back test of the broken channel. It was
justified to see price back test the upper channel boundary. This
week starts where the previous one ended, with EURUSD under pressure
testing the channel boundary. Bulls want to see price continue to
respect the channel boundary and bounce off of it. On the other hand
bears want to see price break back inside the bearish channel. The bounce from 1.1273 has risen an equal amount with the first leg higher. The entire bounce from 1.1186 could very well be over.