EURUSD Weekly Analysis – August 16, 2015

EURUSD failed to break below 1.0808 support and stayed in the trading range between 1.0808 and 1.1467. As long as 1.0808 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.0462, and further rise to 1.2500 area is still possible. On the downside, a breakdown below 1.0808 support will indicate that the long term downtrend from 1.3993 (May 8, 2014 high) has resumed, then next target would be at 1.0000 area.

eurusd chart