EURUSD Daily Analysis – May 27, 2014

EURUSD remains in downtrend from 1.3993, the rise from 1.3613 is likely consolidation of the downtrend. Near term resistance is at the upper line of the price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.3500 area. Key resistance is at 1.3734, only break above this level will confirm that the downtrend had completed at 1.3613 already, then the following upward movement could bring price to 1.4500 zone.

eurusd chart