EURUSD Weekly Analysis – November 8, 2015

EURUSD continued its downward movement from 1.1713, and the fall extended to as low as 1.0705. Further decline to test 1.0462 (Mar 13 low) support could be expected, a breakdown below this level will indicate that the long term downtrend from 1.3993 (May 8, 2014 high) has resumed, then next target would be at 1.0000 area. Resistance is at 1.1100, only break above this level could signal completion of the downtrend.

eurusd chart