EURUSD Weekly Analysis – July 26, 2015

After touching 1.0819 support, EURUSD rebounded from 1.0808, indicating that the pair remains in uptrend from 1.0462, and the price action in the trading range between 1.0819 and 1.1467 could be treated as consolidation of the uptrend. Another rise to test 1.1467 resistance could be expected next week, a break of this level will signal resumption of the uptrend, then next target would be at 1.2500 area. On the downside, a clear break below 1.0819 support will indicate that the long term downtrend from 1.3993 (May 8, 2014 high) has resumed, then the following downward movement could bring price to 1.0000 area.

eurusd chart