EURUSD Weekly Analysis – December 22, 2013

EURUSD failed to break above 1.3832 resistance, suggesting that lengthier consolidation of the uptrend from 1.2756 is underway. Range trading between 1.3296 and 1.3832 would likely be seen in a couple of weeks. Initial support is at the lower line of the price channel on daily chart, and the key support is at 1.3296. As long as the channel support holds, the uptrend could be expected to resume, and another rise towards 1.4500 is still possible, only break below 1.3296 key support could signal completion of the uptrend.

eurusd daily chart