EURUSD Weekly Analysis – May 17, 2014

EURUSD remains in uptrend from 1.2747 (Apr 4, 2013 low), the price action from 1.3892 is likely consolidation of the uptrend. Range trading between 1.3477 and 1.3993 would likely be seen over the next several weeks. Key support is at 1.3477, as long as this level holds, the uptrend from 1.2747 could be expected to resume, and one more rise to 1.4500 area is still possible after consolidation. On the downside, a breakdown below 1.3477 support will indicate that the uptrend had completed at 1.3993 already, then the following downward movement could bring price back to 1.1500 zone.

eurusd chart