EURUSD Daily Analysis – December 14, 2017

EURUSD failed to break below 1.1712 support and rebounded from 1.1717, breaking above 1.1814 resistance, suggesting that the downside movement from 1.1961 had completed at 1.1717 already. Further rally would likely be seen in the coming days and next target would be at 1.1961. A breakout of this level could trigger further upside movement towards 1.2092 (Sep 8 high) resistance. Near term support is at 1.1780, a breakdown below this level could take price back to test 1.1712 support. Below this level will indicate that the downtrend from 1.1961 has resumed, then the following downside movement could take price to next support level at 1.1554, followed by 1.1390 area.

EURUSD 4-hour chart