EURUSD Daily Analysis – May 12, 2014

EURUSD’s downward movement from 1.3993 extended to as low as 1.3745. Resistance is at 1.3795, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.3650 area. On the other side, a break above 1.3795 resistance will indicate that consolidation of the downtrend is underway, then further rise to 1.3850 area could be seen.

eurusd chart