EURUSD Weekly Analysis – October 8, 2017

EURUSD is facing an important support level at 1.1662. A breakthrough below this level would indicate that the upside movement from 1.0340 had completed at 1.2092 already, then next target would be at the resistance-turned-support trend line on the weekly chart now at 1.1420. However, as long as the price is above 1.1662 support, the fall from 1.2092 would possibly be consolidation of the uptrend and another rise towards 1.2700 is still possible after the consolidation. Resistance levels are at 1.1870 and 1.2092, break out of these levels could signal resumption of the uptrend.

EURUSD daily chart