EURUSD Weekly Analysis – January 10, 2015

EURUSD’s downward movement from 1.3993 (May 8, 2014 high) extended to as low as 1.1754. Near term resistance is at 1.2000, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.1500 area. 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