EURUSD Weekly Analysis – May 13, 2018

EURUSD remains in the downtrend from 1.2555, the bounce from 1.1822 is likely consolidation for the downtrend. Range trading between 1.1822 and 1.2100 is possible in a couple of weeks. As long as 1.2100 resistance holds, the downtrend could be expected to resume and a breakdown below 1.1822 support could trigger another downside movement towards 1.1550. On the upside, a breakout of 1.2100 resistance would suggest that the downside movement had completed at 1.1822 already, then the following bullish move could take the price to 1.3000 zone.

EURUSD daily chart