EURUSD Analysis – August 12, 2012

EURUSD is in consolidation of the downtrend from 1.3486. Another rise to 1.2600 area to complete the consolidation would likely be seen over the next several days. Key resistance is at 1.2747, as long as this level holds, the downtrend could be expected to resume, and another fall towards 1.1500 is possible.

For long term analysis, EURUSD is in downtrend from 1.4938 (2011 high). Further decline towards 1.1500 area could be expected over the next several weeks.

eurusd daily chart