EURUSD Weekly Analysis – July 22, 2018

EURUSD continued its sideways movement in a trading range between 1.1508 and 1.1851. As long as 1.1851 resistance holds, the sideways movement could be treated as consolidation for the downtrend from 1.2555 and a breakdown below 1.1508 support could take the price to 1.1200 area. On the other side, a breakout of 1.1851 resistance would indicate that the downside movement had completed at 1.1508 already, then further rally to 1.2050 area could be seen.

EURUSD daily chart