EURUSD Analysis – October 13, 2013

EURUSD remains in uptrend from 1.2756, the fall from 1.3646 is treated as consolidation of the uptrend. Deeper decline to the lower line of the price channel to complete the consolidation would likely be seen over the next several days. Key support is located at the lower line of the channel, as long as the channel support holds, the uptrend could be expected to resume, and one more rise towards 1.4000 is still possible. One the downside, a clear break below the channel support will indicate that the uptrend from 1.2756 had completed at 1.3646 already, then the following downward movement could bring price to 1.2500 zone.

eurusd daily chart