EURUSD Daily Analysis – April 6, 2017

EURUSD moved sideways in a trading range between 1.0634 and 1.0705. As long as the pair is below 1.0705 resistance, the sideways movement could be treated as consolidation of the downtrend from 1.0905 and further decline to 1.0550 area is still possible. Only a break of 1.0705 resistance will indicate that the downward movement had completed at 1.0634 already, then the target of the following rebound would be in 1.0750 – 1.0800 area.

EURUSD chart