EURUSD Daily Analysis – December 7, 2017

EURUSD extended its downside movement from 1.1961 to as low as 1.1780. Further decline is still possible and next target would be at 1.1712. A breakdown below this level could take price to next support level at 1.1554, followed by the resistance-turned-support trend line on the weekly chart now at around 1.1390. On the upside, a breakout of 1.1880 resistance could bring price back towards 1.1961 previous high. Above this level would aim 1.2092 (Sep 8 high).

EURUSD 4-hour chart