EURUSD Daily Analysis – October 28, 2016

EURUSD is facing the resistance of the downward price channel on 4-hour chart. As long as the channel resistance holds, the downtrend from 1.1279 could be expected to continue, and further decline to 1.0700 area is still possible. Key resistance is at 1.0946, only break above this level will indicate that the downtrend had completed at 1.0851 already, then the following upward movement could bring price to 1.1400 zone.

eurusd chart