EURUSD Weekly Analysis – July 13, 2014

EURUSD moved sideways in a range between 1.3503 and 1.3700. The price action in the range is likely consolidation of the downtrend from 1.3993, another fall to test 1.3477 support could be expected, a breakdown below this level will confirm that the long term 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 will indicate that the fall from 1.3993 is complete, then further rise to test 1.3993 resistance could be seen.

eurusd chart