EURUSD Daily Analysis – January 12, 2015

EURUSD remains in downtrend from 1.2569, the rise from 1.1754 is likely consolidation of the downtrend. Near term resistance is at the top of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.1500 area. Key resistance is at 1.1975, only break above this level could signal completion of the downtrend.

eurusd chart