EURUSD Weekly Analysis – February 2, 2014

EURUSD’s fall from 1.3892 extended to as low as 1.3479. Deeper decline is still possible, and the target would be at the lower line of the price channel on daily chart. However, as long as the channel support holds, the price action from 1.3832 would possibly be consolidation of the uptrend from 1.2747 (Apr 4, 2013 low), and the uptrend could be expected to resume after touching the channel support. Resistance is at 1.3740, a break above this level could trigger another rise towards 1.4500.

eurusd chart