EURUSD Weekly Analysis – April 29, 2018

EURUSD extended its downside movement from 1.2555 to as low as 1.2055, facing the support at bottom of the price channel on the daily chart. A clear break below the channel support would indicate that the uptrend from 1.0340 had completed at 1.2555 already, then next target would be at 1.1700 area. On the upside, as long as the channel support holds, the fall from 1.2555 could be treated as consolidation for the uptrend, and another rise towards 1.3000 could be expected after the consolidation.

EURUSD daily chart