EURUSD Weekly Analysis – December 3, 2017

EURUSD stays above a rising trend line on the daily chart and remains in the short term uptrend from 1.1554. As long as the price is above the trend line, the upside movement could be expected to continue and next target would be at 1.2092. A breakout of this level will indicate that the uptrend from 1.0340 (Jan 3 low) has resumed, then the following bullish movement could take price to 1.2500 or even 1.3000 area.

EURUSD daily chart

On the downside, a breakdown below the trend line support could bring price back towards 1.1554. Below this level will confirm that that the uptrend 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, followed by 1.0900 area.

EURUSD weekly chart