How is EUUSD compare with GBPUSD?

 After going through GBPUSD, I am curious to know how EURUSD is doing, after all this is the other forex counter that I took interest in.

 EURUSD weekly chart

Unlike GBPUSD, EURUSD is clearer in its direction, not only that it broke away from the moving averages, it even reached the 61.8% retracement and projection support. It is also clear that EURUSD has broke out of a double top with target of 1.10630.

Now it makes me wonder, Is the European Union doing worse than Great Britain? 

Anyway, it is more interesting to discuss what might come next for EURUSD. 

A hammer is formed at the support level. Is this a sign of reversal? While a potential sign of reversal, it is small to indicate a significant relevance. Further more, there is a strong momentum downward prior to this reversal. 

The chance is a correction before EURUSD continue its down trend. The coming week's bar is important. A strong momentum upward will indicate a reversal while a short bar with possible overlap can indicate a small congestion. The worst case would be a long a slow climb back up until it is resisted by the descending 55-week moving average.

For the time being, I will still consider EURUSD be on a down trend with possible limited down side. I will need to wait for a correction to complete before trading down.