EURUSD Daily Analysis – May 31, 2017

EURUSD stays in a falling price channel on its 4-hour chart and is now in short term downtrend from 1.1267. As long as the pair is in the channel, the downtrend could be expected to continue and next target would be at around 1.1050. However, the fall from 1.1267 would possibly be consolidation of the longer term uptrend from 1.0569 (Apr 10 low), another rise towards 1.1450 is still possible after the consolidation. Near term resistance is at the top trend line of the channel now at around 1.1195, a clear break of the channel resistance could signal resumption of the uptrend.

EURUSD 4-hour chart