EURUSD Daily Analysis – January 3, 2018

EURUSD continued its upside movement from 1.1717 and the rise extended to as high as 1.2081, facing 1.2092 (Sep 8 high) resistance. A breakout of this level could trigger further upside movement towards 1.2500. Near term support is at 1.2000, a breakdown below this level could bring price back towards the bullish trend line on the 4-hour chart. Only a clear break below this trend line could indicate that the uptrend is complete, then deeper decline towards 1.1800 could be seen.

EURUSD 4-hour chart