EURUSD Daily Analysis – October 17, 2016

EURUSD’s downward movement from 1.1279 extended to as low as 1.0966. Resistance is now at 1.1058, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.0900 area. On the upside, a break of 1.1058 resistance will signal completion of the downtrend, then the following upward movement could bring price to 1.1200 zone.

eurusd chart