EURUSD Weekly Analysis – October 7, 2018

EURUSD moved sideways in a trading range between 1.1301 and 1.1851 for several months. As long as 1.1851 resistance holds, the sideways movement could be treated as consolidation for the downtrend from 1.2555 and further decline towards 1.1000 is still possible after the consolidation. Only a breakout of 1.1851 resistance could signal completion of the downtrend.

EURUSD daily chart