EURUSD Daily Analysis – May 8, 2018

EURUSD failed to break above the falling trend line on its 4-hour chart and extended its downside movement from 1.2413 to as low as 1.1897. As long as the price is below the trend line, the downside movement could be expected to continue and next target would be at 1.1800 area. On the upside, a breakout of the trend line resistance could bring price back to test 1.2031 key resistance, above this level could signal completion of downtrend.

EURUSD 4-hour chart