EURUSD Daily Analysis – May 1, 2018

EURUSD failed to break above the falling trend line on its 4-hour chart, suggesting that the pair remains in the downtrend from 1.2413. As long as the trend line resistance holds, the downtrend could be expected to continue and next target would be at 1.1900 area. The key resistance is now at 1.2138, only a breakout of this level would indicate that the downtrend had completed at 1.2055 already, then the following upside movement could bring the price back to 1.2400 area.

EURUSD 4-hour chart