EURUSD Daily Analysis – February 3, 2014

EURUSD broke below 1.3507 support and reached as low as 1.3479, indicating that the downtrend from 1.3892 has resumed. Deeper decline could be expected in a couple of days, and next target would be at 1.3400 area. Resistance is at 1.3570, only break above this level could suggest that lengthier consolidation of the downtrend is underway, then further rise to 1.3700 area could be seen.

eurusd chart