EURUSD Weekly Analysis - May 10, 2015

Long Term Forex Analysis | by ForexCycle.com | Sunday, 10 May 2015 07:35 UTC
EURUSD's bounce from 1.0462 extended to as high as 1.1391. Further rise to test 1.1533 key resistance is possible next week. As long as 1.1533 resistance holds, the bounce would possibly be consolidation of the downtrend from 1.3993 (May 8, 2014 high), another fall to 1.0000 area is still possible after consolidation. On the other side, a break of 1.1533 resistance will indicate that the downtrend had completed at 1.0462 already, then the following upward movement could bring price back to 1.3000 zone.

eurusd chart

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