EURUSD Weekly Analysis – October 18, 2014

EURUSD is facing the resistance of the downward price channel on daily chart. As long as the channel resistance holds, the downtrend from 1.3993 could be expected to resume, and next target would be at 1.2000 area. However, a clear break above the channel resistance will indicate that the lengthier consolidation for the downtrend is needed, then further rise to 1.3000 area could be seen.

eurusd chart