EURUSD Weekly Analysis – April 8, 2017

EURUSD stays in the descending price channel on daily chart and remains in downtrend from 1.1616 (May 3, 2016 high). Further decline could be expected over the next several weeks and next target would be at 1.0400 area. Key resistance is at 1.0906, only break above this level will indicate that the downward movement had completed at 1.0340 already, then the following upward movement could bring price back to 1.1500 zone.

EURUSD chart