EURUSD Daily Analysis – May 29, 2014

After consolidation, EURUSD continued its downward movement from 1.3993, and the fall extended to as low as 1.3588. Resistance is now at 1.3668, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.3500 area. On the upside, a break above 1.3668 resistance will indicate that the downtrend 1.3993 had completed, then the following upward movement could bring price back to 1.4200 zone.

eurusd chart