EURUSD Daily Analysis – July 31, 2014

EURUSD remains in downtrend from 1.3650, the rise from 1.3366 is likely consolidation of the downtrend. Initial resistance is at the downward trend line on 4-hour chart. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.3300 area. On the upside, a clear break above the trend line resistance will indicate that consolidation of the downtrend from 1.3700 is underway, then range trading between 1.3366 and 1.3470 could be seen to follow.

eurusd chart