EURUSD Weekly Analysis – February 22, 2015

EURUSD moved sideways in a range between 1.1097 and 1.1533. Near term resistance is at 1.1533, as long as this level holds, the price action in the range could be treated as consolidation of the downtrend from 1.3993 (May 8, 2014 high), another fall towards 1.0000 could be expected 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