EURUSD Daily Analysis – October 14, 2016

EURUSD’s downward movement from 1.1279 extended to as low as 1.0985. Near term resistance is at 1.1080, as long as this level holds, the bounce from 1.0985 could be treated as consolidation of the downtrend. Further decline could be expected after consolidation and next target would be at 1.0900 area. On the upside, a break of 1.1080 resistance will signal completion of the downtrend, then the following upward movement could bring price to 1.1150 zone.

eurusd chart