EURUSD Weekly Analysis – May 6, 2018

EURUSD’s downside movement from 1.2555 extended to as low as 1.1911. Further decline is still possible in a couple of weeks and next target would be at 1.1700 area. Near term resistance is at 1.2050, a break of this level could bring the price back to next resistance level at 1.2200, only break above this level could trigger another rise towards 1.3000.

EURUSD daily chart