EURUSD Weekly Analysis - May 31, 2015

Long Term Forex Analysis | by ForexCycle.com | Sunday, 31 May 2015 07:39 UTC
Being contained by the bottom of the price channel on daily chart, EURUSD rebounded from 1.0819, indicating that the pair remains in short term uptrend from 1.0462. Another rise to test 1.1533 resistance would likely be seen, a break of this level will signal completion of the long term downtrend from 1.3993 (May 8, 2014 high). On the downside, a breakdown below 1.0819 level will confirm that the short term uptrend from 1.0462 is complete, then next target would be at 1.0600 area.

eurusd chart

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