EURUSD Weekly Analysis – November 12, 2017

EURUSD stays below a descending trend line on the daily chart and remains in the downtrend from 1.2092. As long as the price is below the trend line, the bounce from 1.1554 could be treated as consolidation of the downtrend, and further decline towards the resistance-turned-support trend line on the weekly chart is still possible. On the upside, a clear break above the trend line resistance will suggest that the downtrend had completed at 1.1554 already, then the pair would find next resistance level at 1.1879.

EURUSD daily chart