EURUSD Daily Analysis – November 7, 2017

EURUSD is facing 1.1574 support. A breakdown below this level could signal resumption of the downtrend from 1.2092 (Sep 8 high), then next target would be at 1.1400 area. On the upside a breakout of 1.1690 level could take price to the support-turned-resistance level at 1.1725. Above this level could trigger further upside movement towards the falling trend line on the 4-hour chart now at around 1.1800. Only a clear break above the trend line resistance could signal completion of the downtrend.

EURUSD 4-hour chart