EURUSD Daily Analysis – October 25, 2016

EURUSD remains in downtrend from 1.1279, the rise from 1.0859 is likely consolidation of the downtrend. Near term resistance is at 1.0935, as long as this level holds, the downtrend could be expected to resume, and further decline to 1.0700 area is still possible. Key resistance is located at the top of the price channel, only a clear break above the channel resistance will indicate that the downtrend had completed at 1.0859 already, then the following upward movement could bring price to 1.1400 zone.

eurusd chart