EURUSD Weekly Analysis – November 20, 2016

EURUSD’s downward movement from 1.1299 extended to as low as 1.0569. Further decline to test 1.0462 (Mar 13, 2015 low) support is possible next week. A breakdown below this level will indicate that the long term downtrend from 1.3993 (May 8, 2014 high) has resumed, then further decline to 0.9000 area could be seen. Resistance is at 1.0840, only break above this level could bring price back to 1.1500 zone.

eurusd chart