EURUSD Daily Analysis – December 31, 2013

EURUSD remains in uptrend from 1.3296 (Nov 7 low), the price action from 1.3810 could be treated as consolidation of the uptrend. Another fall to the lower line of the price channel on 4-hour chart to complete the consolidation would likely be seen. As long as the channel support holds, the uptrend could be expected to resume, and one more rise towards 1.4500 is still possible. On the downside, a clear break below the channel support will indicate that the upward movement from 1.3296 had completed at 1.3892 already, then the following downward movement could bring price back to 95.00 zone.

eurusd chart