EURUSD Weekly Analysis – May 3, 2020

EURUSD broke above the falling trend line on the daily chart and continued its sideways movement in a trading range between 1.0635 and 1.1147. As long as 1.1147 resistance holds, the sideways movement could be treated as consolidation for the long-term downtrend from 1.2555 (Feb 16, 2018 high), further decline to 1.0500 area is still possible after the consolidation.

EURUSD daily chart