FX.co ★ Weekly EURUSD analysis

EURUSD is in negative territory relative to last week thus far. Price is above 1.21 and trend remains bullish. Price moved back to 1.2050 short-term support this week and all the way to 1.2165 without making new higher highs.

EURUSD medium-term trend is bullish. The weekly candlestick of this week does not provide us any clear indication of a trend change. It is important for longer-term bulls to hold price above 1.18. So far we can assume that this week was only a pause in the up trend and that we should expect a year end rally to see EURUSD around 1.24. This scenario will have less chances of success if price breaks last week's low at 1.1922.