EURUSD Daily Analysis – January 22, 2014

EURUSD remains in downtrend from 1.3699, the rise from 1.3507 could be treated as consolidation of the downtrend. Resistance is at 1.3580, 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 1.3580 resistance will indicate that the downward movement from 1.3699 had completed at 1.3507 already, then further rise to 1.3650 area could be seen.

eurusd chart