EURUSD Weekly Analysis – August 7, 2016

EURUSD failed to break above the downward trend line on daily chart, indicating that the pair remains in downtrend from 1.1616. As long as the rend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.0600 area. On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 1.0911 already, then the following upward movement could bring price to 1.2000 zone.

eurusd chart