EURUSD Daily Analysis – November 22, 2016

EURUSD is facing the resistance of the downward trend line on 4-hour chart. A clear break above the trend line resistance will indicate that the downtrend from 1.1299 had completed at 1.0569 already, then further rally to 1.0800 area could be seen. On the downside, as long as the trend line resistance holds, the rise from 1.0569 could be treated as consolidation of the downtrend, and further decline to test 1.0462 (Mar 13, 2015 low) support is possible.

eurusd chart