EURUSD Weekly Analysis – April 5, 2015

EURUSD remains in downtrend from 1.3993 (May 8, 2014 high), the rise from 1.0462 is likely consolidation of the downtrend. Resistance is located at the top of the channel, as long as the channel resistance holds, the downtrend could be expected resume, and further decline towards 1.0000 is still possible after consolidation. Key resistance is at 1.1533, only break above this level could signal completion of the downtrend.

eurusd chart