EURUSD Daily Analysis – May 4, 2018

2018-05-04

EURUSD remains in the downtrend from 1.2413, the bounce from 1.1937 is likely consolidation for the downtrend. As long as the price is below the falling trend line on the 4-hour chart, the downside movement could be expected to continue and next target would be at 1.1900 area. Key resistance is at 1.2031, a breakout of this level would indicate that the downtrend had completed at 1.1937 already, then the following rally could bring price back to 1.2200 area.