EURUSD Analysis – June 23, 2013

EURUSD broke below 1.3170 support, suggesting that the uptrend from 1.2796 had completed at 1.3415 already, deeper decline could be expected, and the target would be at the lower line of the price channel on daily chart. As long as the channel support holds, the price action from 1.3242 could be treated as consolidation of the longer term uptrend from 1.2747, another rise towards 1.4000 is still possible after consolidation. On the downside, a clear break below the channel support will indicate that rise from 1.2747 is consolidation of the downtrend from 1.3711, then the following downward movement could bring price to 1.2500 zone.

eurusd daily chart