EURUSD Analysis – August 3, 2013

EURUSD is testing 1.3415 resistance, a break above this level will indicate that the uptrend from 1.2042 (Jul 24, 2012 low) has resumed, then further rise towards 1.4500 could be seen. On the downside, as long as 1.3415 resistance holds, the price action from 1.2747 would possibly be consolidation of the downtrend from 1.3711, one more fall towards 1.2500 is still possible after consolidation.

eurusd daily chart