EURUSD Weekly Analysis – May 8, 2016

EURUSD’s upward movement from 1.0517 extended to as high as 1.1616. Support is at 1.1200, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.2000 area. On the downside, a breakdown below 1.1200 support will indicate that the uptrend had completed at 1.1616 already, then the following downward movement could bring price back to 1.0600 zone.

eurusd chart