EURUSD Daily Analysis – May 23, 2018

EURUSD moved sideways in a trading range between 1.1716 and 1.1840. As long as 1.1840 resistance holds, the price action in the range could be treated as consolidation for the downtrend from 1.1996 and another fall towards 1.1550 is still possible after the consolidation. Only a breakout of 1.1840 resistance would suggest that the downside movement had completed at 1.1716 already, then the following rally could take the price to 1.1900 area.

EURUSD 4-hour chart