EURUSD Weekly Analysis – December 18, 2016

EURUSD broke below 1.0462 (Mar 13, 2015 low) support, indicating that the long term downtrend from 1.3993 (May 8, 2014 high) has resumed. Further decline could be expected after a minor consolidation, and next target would be at 1.0000 area. Resistance levels are at 1.0550 and 1.0665, only break above these levels will indicate that lengthier consolidation for the downtrend from 1.1366 is needed, then further rally to 1.0900 area could be seen.

eurusd chart