EURUSD Weekly Analysis – August 30, 2015

EURUSD broke above 1.1467 resistance, and reached as high as 1.1713. The subsequent fall from 1.1713 indicate that the uptrend from 1.0808 had completed. Further decline to test 1.0462 support could be expected over the next several weeks, a breakdown below this level will confirm that the long term downtrend from 1.3993 (May 8, 2014 high) has resumed, then next target would be at 0.9000 area. Resistance is at 1.1713, only break above this level could trigger anther rise towards 1.2500.

eurusd chart