EURUSD Daily Analysis – May 4, 2018

EURUSD remains in the downtrend from 1.2413, the bounce from 1.1937 is likely consolidation for the downtrend. As long as the price is below the falling trend line on the 4-hour chart, the downside movement could be expected to continue and next target would be at 1.1900 area. Key resistance is at 1.2031, a breakout of this level would indicate that the downtrend had completed at 1.1937 already, then the following rally could bring price back to 1.2200 area.

EURUSD 4-hour chart