EUR/USD - Weekly Forex Analysis

EUR/USD (a daily chart of which is shown), after an expected bearish correction in the first half of the past week, went on to break the 1.4050 high set the prior week. This past Friday saw the pair breakout significantly above 1.4050 to hit a high of 1.4166,  before closing the week just below this new 2009 year-to-date high. Week after week since the lows in late April, price action has made higher highs and higher lows to form a steep, well-defined uptrend that has been in place for more than a month now.

For the upcoming trading week of June 1-5, the next major upside resistance target in the pair’s current bullish run resides around the 1.4360 price region. Before that target is potentially reached, however, more correction and consolidation should occur.

Near-term support to the downside within the context of the continuing uptrend resides first around the broken 1.4050 previous resistance level. Further support to the downside resides around 1.3800, which is the approximate level of the last swing low, and the noted uptrend support line.

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