EURUSD Weekly Analysis – August 26, 2018

EURUSD broke above 1.1550 resistance, suggesting that consolidation for the downside movement from 1.2555 is underway. Near term resistance is at the top trend line of the price channel on the daily chart. As long as the channel resistance holds, the downtrend could be expected to resume and another fall towards 1.1000 is still possible after the consolidation. The key resistance is at 1.1851, only a break of this level could signal completion of the downtrend.

EURUSD daily chart