EURUSD Daily Analysis – January 16, 2014

EURUSD’s fall from 1.3699 extended to as low as 1.3581. As long as 1.3548 key support holds, the fall could be treated as correction of the uptrend from 1.3548, one more rise to 1.3800 area is still possible. On the other side, a breakdown below 1.3548 will signal resumption of the longer term downtrend from 1.3892, then the following downward movement could bring price to 1.3400 zone.

eurusd chart