EURUSD Daily Analysis – August 28, 2014

EURUSD broke above the downward trend line on 4-hour chart, indicating that consolidation of the downtrend from 1.3700 (Jul 1 high) is underway. Range trading between 1.3152 and 1.3300 is possible over the next several days. Key resistance is at 1.3300, as long as this level holds, the downtrend could be expected to resume, and another fall towards 1.3000 is still possible. Support is at 1.3152, a breakdown below this level could signal resumption of the downtrend.

eurusd chart