EURUSD Daily Analysis – December 28, 2016

EURUSD continued its sideways movement in a rang between 1.0352 and 1.0500. As long as 1.0500 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 1.1299 (Nov 9 high) and another fall towards 1.0200 could be expected after consolidation. On the downside, a break of 1.0500 resistance will indicate that lengthier consolidation for the downtrend is needed, then further rally to 1.0700 area could be seen.

eurusd chart