EURUSD Weekly Analysis – January 18, 2014

EURUSD moved sideways in a trading range between 1.3296 and 1.3892. The price action in the range is likely consolidation of the uptrend from 1.2747 (Apr 4, 2013 low). Pullback to the lower line of the price channel on daily chart to complete to consolidation would likely be seen. As long as the channel support holds, the uptrend could be expected to resume, and one more rise towards 1.4500 is possible. Only a clear break below the channel support could signal completion of the uptrend.

eurusd chart