EURUSD Weekly Analysis – July 5, 2015

EURUSD continued its sideways movement in a range between 1.0819 and 1.1467. Key support is at 1.0819, as long as this level holds, the price action in the range could be treated as consolidation of the uptrend from 1.0462, another rise towards 1.3000 could be expected after consolidation. On the downside, a breakdown below 1.0819 support will signal resumption of the long term downtrend from 1.3993 (May 8, 2014 high), then deeper decline to 1.0000 area could be seen.

eurusd chart