EURUSD Weekly Analysis – August 6, 2017

EURUSD pulled back from 1.1909 after touching the top resistance trend line of the price channel on its daily chart, suggesting that consolidation for the bullish movement from 1.0569 is underway. Range trading between 1.1600 and 1.1909 would likely be seen in the coming days. However, as long as the price is in the channel, the bullish movement could be expected to resume and further rise towards 1.2165 is still possible after the consolidation. The key support is located at the bottom trend line of the channel, only a clear break below the channel support could signal completion of the uptrend.

EURUSD daily chart