EURUSD Daily Analysis – May 15, 2014

EURUSD remains in downtrend from 1.3993, the rise from 1.3689 is likely consolidation of the downtrend. Range trading between 1.3689 and 1.3774 is possible in a couple of days. Resistance is at 1.3774, as long as this level holds, the downtrend could be expected to resume, and next target would be at 1.3600 area. On the upside, a break above 1.3774 resistance will indicate that the downtrend had completed at 1.3689 already, then further rise to 1.3840 area could be seen.

eurusd chart