EURUSD Weekly Analysis – February 7, 2015

EURUSD’s bounce from 1.1097 extended to as high as 1.1533. Near term resistance is at 1.1600, as long as this level holds, the bounce could be treated as consolidation of the downtrend from 1.3993 (May 8, 2014 high), another fall towards 1.0000 is still possible after consolidation. Key resistance is at the downward trend line on daily chart, only a clear break above the trend line resistance could signal completion of the downtrend.

eurusd chart