EURUSD Weekly Analysis – January 18, 2015

EURUSD continued its downward movement from 1.3993 (May 8, 2014 high), and the fall extended to as low as 1.1459. Further decline could be expected after a minor consolidation, and next target would be at 1.1000 area. Near term resistance is at 1.1750, and the key resistance is located at the downward trend line on daily chart, only a clear break above the trend line resistance could signal completion of the downtrend.

eurusd chart