EURUSD Daily Analysis – April 8, 2014

EURUSD stays in the downward price channel on 4-hour chart, and remains in downtrend from 1.3966, the rise from 1.3672 is likely consolidation of the downtrend. Resistance is located at the upper line of the channel. As long as the channel resistance holds, the downtrend could be expected to resume, and next target would be at 1.3600 area. On the upside, a clear break above the channel resistance will indicate that the downtrend had completed at 1.3672 already, then the following upward movement could bring price to 1.4000 zone.

eurusd chart