EURUSD Weekly Analysis – July 5, 2014

EURUSD’s bounce from 1.3503 reached 1.3700 only, the subsequent fall is likely resumption of the downtrend from 1.3993. Deeper decline to re-test 1.3477 key support is possible next week, a breakdown below this level will confirm that the uptrend from 1.2747 (Apr 4, 2013 low) had completed at 1.3993 already, then the following downward movement could bring price to 1.1500 area. Near term resistance is at 1.3700, only break above this level could trigger another rise to test 1.3993 previous high resistance.

eurusd chart