EURUSD Weekly Analysis – December 24, 2017

EURUSD continued its sideways movement in a trading range between 1.1554 and 1.2092. The sideways move is likely consolidation of the uptrend from 1.0340 (Jan 3 low). As long as 1.1554 support holds, the uptrend could be expected to resume and another rise 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 here could trigger further bullish movement towards 1.2500.

EURUSD daily chart

On the downside, a breakdown below 1.1713 support could bring price to 1.1554 key support. Only a breakdown below this level will confirm 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, followed by 1.0900 area.

EURUSD weekly chart