EURUSD Weekly Analysis – November 1, 2014

After consolidation, EURUSD broke below 1.2500 support, indicating that the downtrend from 1.3993 has resumed. Further decline could be expected over the next several weeks, and next target would be at 1.2000 area. Key resistance is at 1.2886, only break above this level could signal completion of the downtrend.

eurusd chart