EURUSD Daily Analysis – May 8, 2014

EURUSD remains in uptrend from 1.3775, the fall from 1.3951 is likely consolidation of the uptrend. Support is now located at the upward trend line on 4-hour chart. As long as the trend line support holds, the uptrend could be expected to resume, and next target would be at 1.4000 area. On the downside, a clear break below the trend line support will indicate that the uptrend had completed at 1.3951 already, then the following downward movement could bring price back to 1.3600 zone.

eurusd chart