EURUSD Weekly Analysis – July 15, 2018

EURUSD moved sideways in a trading range between 1.1508 and 1.1851. The sideways movement is likely consolidation for the downtrend from 1.2555. Resistance is at 1.1851, as long as this level holds, the downtrend could be expected to resume and further decline to 1.1000 area is still possible after the consolidation. However, a breakout of 1.1851 resistance would indicate that the downside movement had completed at 1.1508 already, then the pair would find resistance at around 1.2050.

EURUSD daily chart