EURUSD Weekly Analysis – October 15, 2017

EURUSD failed to break below 1.1662 key support and stayed in a trading range between 1.1662 and 1.2092. The range trading could be expected to continue in a couple of weeks. As long as the price is above 1.1662 support, the price action in the range could be treated as consolidation of the uptrend from 1.0340 and another rise towards 1.2700 is still possible after the consolidation. On the downside, a breakdown below 1.1662 support would indicate that the uptrend had completed at 1.2092 already, then the price would find next support at the resistance-turned-support trend line on the weekly chart now at 1.1420.

EURUSD daily chart