EURUSD Weekly Analysis – May 25, 2014

EURUSD’s fall from 1.3993 extended to as low as 1.3615. Deeper decline to test 1.3477 support is still possible, as long as this level holds, the price action from 1.3892 would possibly be consolidation of the uptrend from 1.2747 (Apr 4, 2013 low), one more rise to 1.4500 area to complete the upward movement is still possible. However, a breakdown below 1.3477 support will signal completion of the uptrend from 1.2747, then the following downward movement will bring price back to 1.1500 zone.

eurusd chart