EURUSD Daily Analysis – May 24, 2018

EURUSD broke below 1.1716 support and extended its downside movement from 1.1996 to as low as 1.1675. Near term resistance is at the falling trend line on the 4-hour chart. As long as the trend line resistance holds, the downside movement could be expected to continue and next target would be at 1.1550 area. Key resistance is now at 1.1829, only a breakout of this level could signal completion of the downtrend.

EURUSD 4-hour chart