EURUSD Weekly Analysis – Sunday, Jan. 6

EURUSD failed to break out of 1.1500 resistance and stayed in a trading range between 1.1215 and 1.1500. As long as 1.1500 resistance holds, the price action in the trading range could be treated as consolidation for the downtrend from 1.1850.

A breakdown below 1.1215 support could trigger another downside movement towards 1.1000. On the upside, a break of 1.1500 resistance would suggest that the downside move from 1.1815 had completed at 1.1215 already, then the pair would find next resistance at around 1.1700.

EURUSD daily chart

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