EURUSD Daily Analysis – March 4, 2015

EURUSD’s downward movement from 1.1450 extended to as low as 1.1154. Further decline to test 1.1097 support is possible, a breakdown below this level will confirm that the downtrend from 1.2569 (Dec 16, 2014 high) has resumed, then the following downward movement could bring price to 1.0500 area. Resistance is at 1.1250, only break above this level will indicate that lengthier consolidation for the downtrend is needed, then range trading between 1.1097 and 1.1534 could be seen.

eurusd chart