EURUSD Weekly Analysis – May 29, 2016

EURUSD is facing the support of the price channel on daily chart. As long as the channel support holds, the fall from 1.1616 would possibly be consolidation of the uptrend from 1.0517, and one more rise to 1.2000 area to complete the upward movement is still 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