EURUSD Daily Analysis – October 13, 2014

EURUSD is now in uptrend from 1.2500, the fall from 1.2791 is likely correction of the uptrend. Key support is at 1.2500, as long as this level holds, the uptrend could be expected to resume, and one more rise to 1.2850 area to complete the upward movement is possible. On the downside, a breakdown below 1.2500 will indicate that the downtrend from 1.3700 (Jul 1 high) has resumed, then next target would be at 1.2200 area.

eurusd chart