EURUSD Daily Analysis – May 16, 2014

EURUSD’s downward movement from 1.3993 extended to as low as 1.3648. Further decline is still possible, and next target would be at 1.3600 area. Resistance is at 1.3735, only break above this level will indicate that consolidation of the downtrend from 1.3993 is underway, then the pair will find resistance around 1.3820.

eurusd chart