EURUSD Weekly Analysis – March 18, 2017

EURUSD is facing the resistance of the descending price channel on daily chart. As long as the pair stays in the channel, the price action from 1.0340 could be treated as consolidation of the downtrend from 1.1616 (May 3, 2016 high), and another fall towards 1.0000 could be expected after the consolidation. However, a clear break above the channel resistance will indicate that the downtrend had completed at 1.0340 already, then the following upward movement could bring price to 1.1500 area.

EURUSD chart