EURUSD Daily Analysis – October 11, 2017

EURUSD broke above the top trend line of the price channel on the 4-hour chart and is now facing the 1.1832 key resistance. Above this level would indicate that the downside movement from 1.2092 had completed at 1.1669 already, then next target would be at 1.1900, followed by 1.2029. On the downside, as long as 1.1832 resistance holds, the bounce from 1.1669 could be treated as consolidation of the downtrend, another another fall towards the resistance-turned-support trend line on the weekly chart is still possible after the consolidation. Near term support is at 1.1662, a breakdown below this level could signal resumption of the downtrend.

EURUSD 4-hour chart