EURUSD Weekly Analysis – December 17, 2017

EURUSD moved sideways in a trading range between 1.1554 and 1.2092 for several weeks. As long as 1.1554 key support holds, the sideways movement could be treated as consolidation of the uptrend from 1.0340 (Jan 3 low), and another rise towards 1.2500 is still possible after the consolidation. Near term resistance is at 1.1961, a breakout of this level could take price to next resistance level at 1.2092. Above this level will confirm that the uptrend from 1.0340 has resumed, then next target would be at 1.2500 area.

EURUSD daily chart

On the downside, a breakdown below 1.1554 support will indicate 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 around 1.1380. Below this trend line would aim 1.0900 area.

EURUSD weekly chart