EURUSD Weekly Analysis – May 3, 2015

EURUSD broke above 1.1052 resistance, indicating that lengthier consolidation for the downtrend from 1.3993 (May 8, 2014 high) is underway. Further rise to test 1.1533 key resistance is possible, as long as this level holds, the downtrend could be expected to resume, and one more fall towards 1.0000 is still possible after consolidation. On the upside, a break of 1.1533 resistance will indicate that the downtrend had completed at 1.0462 already, then the following upward movement could bring price back to 1.3000 zone.

eurusd chart