EURUSD Daily Analysis – August 5, 2014

EURUSD remains in downtrend from 1.3700, the rise from 1.3366 could be treated as consolidation of the downtrend. Range trading between 1.3366 and 1.3470 is possible in a couple of days. Resistance is at 1.3470, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.3200 area. Only break above 1.3470 resistance could signal completion of the downtrend.

eurusd chart