EURUSD Daily Analysis – August 1, 2014

EURUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.3650. As long as the trend line resistance holds, further decline could be expected after a minor consolidation, and next target would be at 1.3300. On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 1.3366 already, then range trading between 1.3366 and 1.3470 could be seen to follow.

eurusd chart