EURUSD Weekly Analysis – February 24, 2019

EURUSD failed to break below 1.1215 support, suggesting that lengthier sideways movement in the trading range between 1.1215 and 1.1570 is needed. However, as long as 1.1570 resistance holds, the price action in the trading range could be treated as consolidation for the downtrend from 1.2555 (Feb 16, 2018 high), another fall to 1.1000 area is still possible after the consolidation. Only a breakout of 1.1570 resistance could signal completion of the downtrend.

EURUSD daily chart