EURUSD Daily Analysis – August 26, 2014

EURUSD continued its downward movement from 1.3411, and the fall extended to as low as 1.3178. Resistance is located at the falling trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.3000 area. On the upside, a clear break above the trend line resistance will indicate that lengthier consolidation of the longer term downtrend from 1.3700 (Jul 1 high) is underway, then further rise to 1.3300 area could be seen.

eurusd chart