EURUSD Daily Analysis – March 7, 2017

After touching the top of the price channel on 4-hour chart, EURUSD pulled back into the channel, indicating that the pair remains in downtrend from 1.0828. Another fall to test 1.0493 support would likely be seen and a breakdown below this level could signal resumption of the downtrend. Key resistance is at 1.0679, only break above this level will confirm that the downtrend had completed at 1.0493 already, then the following upward movement could bring price to 1.0700 – 1.0750 area.

EURUSD chart