EURUSD Daily Analysis – April 17, 2017

EURUSD moved sideways in a trading range between 1.0569 and 1.0689. As long as 1.0689 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.0905, and further decline to 1.0400 area is still possible after the consolidation. On the upside, a break of 1.0689 resistance will indicate that lengthier correction for the downtrend is underway, then next target would be at 1.0750 area.

EURUSD chart