EURUSD Daily Analysis – December 17, 2014

EURUSD moved sideways in a trading range between 1.2247 and 1.2599. As long as 1.2599 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.2867 (Oct 15 high), another fall towards 1.2000 is still possible after consolidation. Support is at 1.2361, a breakdown below this level could signal resumption of the downtrend.

eurusd chart