EURUSD Daily Analysis – December 30, 2013

After breaking above .3810 resistance, EURUSD pulled back from 1.3892, suggesting that lengthier consolidation of the uptrend from 1.3296 (Nov 7 low) is underway. Deeper decline to the lower line of the price channel on 4-hour chart would likely be seen. As long as the channel support holds, the uptrend could be expected to resume, and another rise towards 1.4500 is still possible. Only a clear break below the channel support could trigger another fall to 1.3400 area.

eurusd chart