EUR/USD Weekly Outlook from http://www.actionforex.com/action-insight/eurusd-outlook/

EUR/USD Weekly Outlok

EUR/USD dropped to as low as 1.4073 last week but rebounded strongly from there. The break of 1.4320 resistance argues that fall from 1.4695 has finished already. The development also suggest that price actions from 1.4939 could indeed be consolidation only, in form of triangle. Initial bias is mildly on the upside this week for upper trend line resistance (now at 1.4612) first. Further break of 1.4695 resistance will be the first signal of up trend resumption for another high above 1.4939. On the downside, though, below 1.4073 will flip bias back to the downside for 1.3969 and below instead.
In the bigger picture, EUR/USD is still trading above medium term trend line support from 1.1875 (now at 1.3606) and thus, rise from there should still be in progress. We'd continue to favor the bullish case that correction from 1.6039 has completed with three waves down to 1.1875 already and. Above 1.4938 will target 1.5143 resistance first. Break will affirm the bullish case of long term up trend resumption for another high above 1.6039. However, sustained trading below the mentioned trend line support will indicate that there should at least be one more medium term decline, possibly for below 1.1875, before correction from 1.6039 completes.
In the long term picture, correction from 1.6039 might have completed at 1.1875 already. Meanwhile, up trend from 2000 low of 0.8223 might be resuming. Break of 1.5143 resistance will affirm this case and should pave the wave through 2008 high of 1.6039 to 61.8% projection of 0.8223 to 1.6039 from 1.1875 at 1.6705.