EURUSD Daily Analysis – May 17, 2018

EURUSD extended its downside movement from 1.1996 to as low as 1.1763. Further decline is still possible after a minor consolidation and next target would be at 1.1700 area. Near term resistance is at 1.1880, only a break of this level could bring the price back to test the key resistance at 1.1996. Above here would indicate that the whole downside movement from 1.2413 is complete, then the pair would find next resistance level at around 1.2250.

EURUSD 4-hour chart