EUR/USD Weekly Analysis – Sunday, Nov. 18

EUR/USD broke below 1.1301 support and extended its downside movement from 1.1815 to as low as 1.1215.

As long as the price is below the bearish trend line on the daily chart, the downside movement could be expected to continue and the next target would be at 1.1100 area.

Key resistance is at 1.1500, only a breakout of this level could indicate that the downside movement had completed at 1.1215 already, then the following upside movement could take the price to 1.1700 area.

EURUSD daily chart


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