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.

euroAs 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.

20160522_EURUSD_1

Editor’s Note: Equity investors/traders can use the Currency Shares Euro Trust (FXE, quote) ETF to take positions in the euro without a FOREX account.  The ETF looks to track the price of the euro (EURUSD), minus ETF fee. The fund seeks to reflect the price of the euro with the shares representing a cost-effective investment relative to investing in the FOREX market.

Content curiosity of FOREXCycle