EURUSD Weekly Analysis – May 31, 2014

EURUSD remains in uptrend from 1.2747 (Apr 4, 2013 low), the price action from 1.3892 could be treated as consolidation of the uptrend. Key support is at 1.3477, as long as this level holds, the uptrend could be expected to resume, and one more rise to 1.4500 area is still possible. 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