EURUSD Daily Analysis – August 7, 2014

EURUSD remains in 1.3700, the price action in the range between 1.3333 and 1.3444 is likely consolidation of the downtrend. Resistance is at 1.3444, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.3200 area. On the upside, a break above 1.3444 resistance will indicate that the downtrend had completed at 1.3333 already, then further rise to 1.3550 area could be seen.

eurusd chart