EURUSD Daily Analysis – January 7, 2014

EURUSD remains in downtrend from 1.3892, the rise from 1.3571 is likely consolidation of the downtrend. Resistance is at 1.3680, as long as this level holds, the downtrend could be expected to resume, and another fall towards 1.3400 is still possible. On the upside, a break above 1.3680 resistance will indicate that correction of the downtrend from 1.3892 is underway, then further rise to 1.3780 area could be seen.

eurusd chart