EURUSD Daily Analysis – August 15, 2014

EURUSD moved sideways without trend in a narrow range between 1.3333 and 1.3444. The sideways move is likely consolidation of the downtrend from 1.3700. As long as 1.3444 resistance holds, the downtrend could be expected to resume, and next target would be at 1.3000 area. However, a break of 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