EURUSD Daily Analysis – August 13, 2014

EURUSD failed to break below 1.3333 support and stayed in the trading range between 1.3333 and 1.3444. The price action in the range is likely consolidation of the downtrend from 1.3700. As long as 1.3444 resistance holds, another fall could be expected, and next target would be at 1.3000 area. However, a break of 1.3444 resistance will signal completion of the downtrend from 1.3700, then the following upward movement could bring price to 1.3550 area.

eurusd chart