EURUSD Analysis – July 20, 2013

EURUSD stays in a trading range between 1.2756 and 1.3415. Another rise to test 1.3415 resistance would likely be seen next week, as long as this level holds, the price action from 1.2747 could be treated as consolidation of the downtrend from 1.3411, one more fall to 1.2500 area is still possible after consolidation. On the upside, a break above 1.3415 will indicate that the long term uptrend from 1.2042 (Jul 24, 2012 low) has resumed, then the following upward movement could bring price to 1.4500 zone.

eurusd daily chart