EURUSD Daily Analysis – February 12, 2014

EURUSD is facing the resistance of the upper line of the price channel. As long as the channel resistance holds, the rise from 1.3477 could be treated as consolidation of the downtrend from 1.3892 (Dec 27, 2013 high), one more fall to 1.3400 area is still possible. However, a clear break above the channel resistance will signal completion of the downtrend from 1.3892, then the following upward movement could bring price to 1.4000 zone.

eurusd chart