EURUSD Weekly Analysis – March 25, 2017

EURUSD is testing the resistance of the price channel on daily chart. As long as the channel resistance holds, 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. On the upside, a clear break above the channel resistance will indicate that the downtrend had completed at 1.0340 already, then next target would be at 1.1100 area.

EURUSD chart