EURUSD Daily Analysis – January 4, 2018

EURUSD failed in its attempt to break above 1.2092 (Sep 8 high) resistance and pulled back from 1.2081. As long as the price is above the bullish trend line on the 4-hour chart, the pullback could be treated as consolidation of the uptrend from 1.1717 and another rise to test 1.2092 resistance is still possible after the consolidation. On the downside, a breakdown below the trend line support will indicate that the uptrend had completed at 1.2081 already, then deeper decline to 1.1800 area could be seen.

EURUSD 4-hour chart