EURUSD Weekly Analysis – July 8, 2018

EURUSD stays in a trading range between 1.1508 and 1.1851. The price action in the range is likely consolidation for the downtrend from 1.2555. As long as 1.1851 resistance holds, the downside movement could be expected to resume, and another fall towards 1.1000 is possible after the consolidation. On the upside, a breakout of 1.1851 resistance would suggest that the downside move had completed at 1.1508 already, then the pair would find next resistance level at around 1.2050.

EURUSD daily chart