EURUSD Weekly Analysis – September 7, 2014

EURUSD’s downward movement from 1.3993 extended to as low as 1.2919. Further decline could be expected after a minor consolidation, and next target would be at 1.2700 area. Near term resistance is at 1.3040, as long as this level holds, the downtrend will continue. Key resistance is located at the falling trend line on daily chart, only a clear break above the trend line resistance could signal completion of the downtrend.

eurusd chart