EURUSD Weekly Analysis – October 12, 2014

EURUSD remains in downtrend from 1.3993, the rise from 1.2500 is likely consolidation of the downtrend. Near term resistance is located at the upper line of the price channel on daily chart, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall towards 1.1000 is still possible. Key resistance is at 1.3000, only break above this level could signal completion of the downtrend.

eurusd chart