EURUSD Weekly Analysis – January 22, 2017

EURUSD is in downtrend from 1.1616 (May 3, 2016 high), the rise from 1.0340 could be treated as consolidation of the downtrend. Further rise would likely be seen in a couple of weeks, and the target would be at the top of the price channel on daily chart. However, as long as the channel resistance holds, the downtrend could be expected to resume after consolidation, and another fall to 1.0000 area is possible.

eurusd chart