EURUSD Daily Analysis – February 14, 2014

EURUSD is facing the channel resistance again. A clear break above the upper line of the channel will indicate that the downtrend from 1.3892 (Dec 27, 2013 high) had completed at 1.3477 already, then the following upward movement could bring price to 1.4000 zone. However, as long as the channel resistance holds, the downtrend could be expected to resume, and one more fall to 1.3400 area is still possible.

eurusd chart