EURUSD Daily Analysis – December 8, 2017

EURUSD continued its downside movement from 1.1961, and the fall extended to as low as 1.1761. Further decline would likely be seen and next target would be at 1.1712 support. A breakdown below this level could trigger further downside movement towards 1.1554, followed by the resistance-turned-support trend line on the weekly chart now at around 1.1390. Near term resistance is now at 1.1850, only a break of this level could bring price back towards 1.1961. Above this level would aim 1.2092 (Sep 8 high).

EURUSD 4-hour chart