EURUSD Daily Analysis – December 10, 2014

EURUSD failed to break above the downward trend line on 4-hour chart, indicating that the pair remains in downtrend from 1.2599, and the rise from 1.2247 could be treated as consolidation of the downtrend. As long as the trend line resistance holds, the downtrend could be expected to resume, and next target would be at 1.2000 area. On the other side, a clear break above the trend line resistance will signal completion of the downtrend, then the following upward movement could bring price to 1.2700 zone.

eurusd chart