EURUSD Weekly Analysis – January 14, 2018

EURUSD broke above 1.2092 resistance, suggesting that the uptrend from 1.0340 (Jan 3 low) has resumed. Near term support is at 1.2070, followed by the bullish trend line on the daily chart. As long as the price is above the trend line, further rise could be expected over the next several weeks and next target would be at 1.2700 area. On the downside, a breakdown below 1.2070 support could bring price back towards the trend line. Only a clear break below the trend line support could signal completion of the uptrend.

EURUSD daily chart