EURUSD Daily Analysis – October 10, 2016

EURUSD stays below the downward trend line on 4-hour chart, and remains in short term downtrend from 1.1279. As long as the trend line resistance holds, the rise from 1.1104 could be treated as consolidation of the downtrend. Further decline is still possible, and next target would be at 1.1000 area. On the upside, a clear break above the trend line resistance will indicate that the downward movement had completed at 1.1104 already, then further rise to test 1.1326 resistance could be seen.

eurusd chart