EURUSD stays in the descending price channel on daily chart and remains in downtrend from 1.1616 (May 3, 2016 high). As long as the channel resistance holds, the price action from 1.0340 could be treated as consolidation of the downtrend. Further decline could be expected after the consolidation, and next target would be at 1.0000 area. On the upside, a clear break above the channel resistance will indicate that the downtrend had completed at 1.0340 already, then the following upward movement could bring price to 1.1500 area. by ForexCycle.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.