EURUSD Weekly Analysis – February 8, 2014

EURUSD moved sideways in a range between 1.3296 and 1.3892. As long as 1.3296 support holds, the price action from 1.3832 could be treated as consolidation of the uptrend from 1.2747 (Apr 4, 2013 low), one more rise towards 1.4500 is still possible after consolidation. Resistance is at 1.3740, a break above this level could signal resumption of the uptrend. On the downside, a breakdown below 1.3296 support will indicate that the uptrend from 1.2747 had completed at 1.3892 already, then the pair will find support around 1.2900.

eurusd chart