EURUSD Daily Analysis – October 24, 2016

EURUSD’s downward movement from 1.1279 extended to as low as 1.0859. Further decline could be expected after a minor consolidation, and next target would be at 1.0700 area. Near term resistance is at 1.0935, as long as this level holds, the downtrend will continue. Key resistance is located at the downward price channel on 4-hour chart, only a clear break above the channel resistance will indicate that the downtrend is complete, then the following upward movement could bring price to 1.1400 zone.

eurusd chart