EURUSD Daily Analysis – October 21, 2016

EURUSD stays in the downward price channel on 4-hour chart and remains in downtrend from 1.1279. As long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.0700 area. Key resistance is at 1.1039, only break above this level will indicate that the downtrend has completed, then the following upward movement could bring price back to 1.1250 zone.

eurusd chart