EURUSD Weekly Analysis – August 30, 2014

EURUSD continued its downward movement from 1.3993, and the fall extended to as low as 1.3129. Further decline could be expected in a couple of weeks, and next target would be at 1.2700 area. Near term resistance is at 1.3220, and the key resistance is located at the downward trend line on daily chart, only a clear break above the trend line resistance could signal completion of the downtrend.

eurusd chart