Besides enormous volatility as per summer season, the S&P benchmark is close to a long-term bearish reversal as the daily chart setup becomes negative.

Although the benchmark charted one more long downside whipsaw on the weekly timeframe, and the volatility was enormous as per the summer vacation season, the general long-term uptrend is still in play.

The benchmark charted a long downside whipsaw on the weekly timeframe and finished the past trading week almost flat (-0.46%). Such a strong buy signal happens quite rarely, and the weekly chart below shows the reason why.

Besides, the long downside shadow on the daily candlestick charted on August 1 could form a reversal pattern as three consecutive candles are green since the test of the bottom.

The intraday technical outlook is bearish for EUR/USD as the pair breached an important horizontal static resistance of 1.1187, and came back to it, renewing the bearish trade. As a result, another test of the 1.1100 support was noticed this past week, even though the bears failed to break through that level with the first attempt. Another noticeable level is 55-bars simple moving average, which acted as resistance during the last bullish whipsaw.

The previous week’s price action was rather consolidative than reversing, according to the daily chart below. Euro bulls failed to lift the pair above crucial technical resistance levels. The round-figure horizontal static line at 1.1300 held rates from further appreciation, while two tests of 21-day simple moving average failed to succeed. On the other side, the bears did not print significant achievements below 1.1200 handle.