EURUSD Weekly Analysis – August 21, 2016

EURUSD broke above the downward trend line on daily chart, indicating that the downward movement from 1.1616 had completed at 1.0911 already. The pair is now in uptrend. Further rise could be expected over the next several weeks, and next target would be at 1.2000 area. Near term support is at 1.1150, only break below this level could trigger another fall towards 1.0600.

eurusd chart