EURUSD Weekly Analysis – May 20, 2018

EURUSD extended its downside movement from 1.2555 to as low as 1.1749. Key resistance is now at 1.1996. As long as this level holds, the downside movement could be expected to continue and next target would be at 1.1550 area. On the upside, a breakout of 1.1996 resistance would suggest that the downside movement is complete, then the pair would find resistance at around 1.2250.

EURUSD daily chart