EURUSD Weekly Analysis – May 24, 2015

EURUSD failed to break above 1.1533 resistance, indicating that the pair remains in downtrend from 1.3993 (May 8, 2014 high), and the price action from 1.0462 would possibly be consolidation of the downtrend. Further decline would likely be seen, and next target would be at 1.0650 area. Key resistance is at 1.1533, only break above this level could signal completion of the downtrend.

eurusd chart