EURUSD Weekly Analysis – May 22, 2016

EURUSD’s fall from 1.1616 extended to as low as 1.1179. Deeper decline to test the support of the upward price channel on daily chart could be seen next week. As long as the channel support holds, the price action from 1.1616 could be treated as consolidation of the uptrend from 1.0517, one more rise to 1.2000 area to complete the upward movement is possible. On the downside, a clear break below the channel support will indicate that the uptrend had completed at 1.1616 already, then the following downward movement could bring price to 1.0000 zone.

eurusd chart