EURUSD Weekly Analysis – August 20, 2017

EURUSD’s pullback from 1.1909 extended to as low as 1.1662. Deeper decline towards the bottom support trend line of the price channel on its daily chart is still possible in the coming days. However, as long as the price is in the channel, the pullback could be treated as consolidation of the uptrend from 1.0569 and another rise towards 1.2165 could expected after the consolidation. Only a clear break below the channel support could signal completion of the uptrend.

EURUSD daily chart