EURUSD Weekly Analysis – October 22, 2017

EURUSD failed in its attempt to break below 1.1662 key support, indicating that the pair remains in the uptrend from 1.0340. As long as the price is above 1.1662 level, the price action in the trading range between 1.1662 and 1.2092 could be treated as consolidation of the uptrend and another rise towards 1.2700 is still possible after the consolidation. However, a breakthrough 1.1662 support will suggest that the uptrend 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.

EURUSD daily chart