EURUSD Weekly Analysis - April 12, 2015

Long Term Forex Analysis | by ForexCycle.com | Sunday, 12 April 2015 06:09 UTC
EURUSD stayed in the downward price channel on daily chart, and remains in downtrend from 1.3993 (May 8, 2014 high). Resistance is located at the top of the channel, as long as the channel resistance holds, the rise from 1.0462 could be treated as consolidation of the downtrend. Support is at 1.0462, a breakdown below this level will signal resumption of the downtrend, then the following downward movement could bring price to 1.0000 area. Key resistance is at 1.1533, only break above this level could signal completion of the downtrend.

eurusd chart

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