EURUSD Daily Analysis – August 17, 2017

EURUSD rebounded strongly to 1.1790 area after touching the key support at 1.1689. However, another fall to test this support level is still possible, a breakdown below this level will trigger another fall towards the bottom support trend line of the price channel on its daily chart, now at around 1.1560. Resistance is at 1.1909, only break above this level will indicate that the uptrend from 1.0569 (Apr 10 low) has resumed, then next target would be at 1.2000 area.

EURUSD 4-hour chart