EURUSD Daily Analysis – September 4, 2014

EURUSD remains in downtrend from 1.3411, the rise from 1.3110 is likely consolidation of the downtrend. Resistance is located at the upper line of the price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to resume, and next target would be at 1.3000 area. Key resistance is at 1.3220, only break above this level will indicate that the downtrend had completed at 1.3110 already, then the pair will find resistance around 1.3300.

eurusd chart