EURUSD Daily Analysis – October 26, 2016

EURUSD is in consolidation of the downtrend from 1.1279. Range trading between 1.0851 and 1.0935 would likely be seen in a couple of days. Near term resistance is at 1.0935, as long as this level holds, the downtrend could be expected to resume, and further decline to 1.0700 area is still possible. Key resistance is located at the top of the price channel, only a clear break above the channel resistance will indicate that the downtrend had completed at 1.0851 already, then the following upward movement could bring price to 1.1400 zone.

eurusd chart