EURUSD Daily Analysis – February 2, 2015

EURUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.2569 (Dec 16, 2014 high). As long as the trend line resistance holds, the rise from 1.1097 could be treated as consolidation of the downtrend. Another fall could be expected after consolidation, and next target would be at 1.0700 area. Only a clear break above the trend line resistance will indicate that the downtrend had completed at 1.1097 already, then further rally to 1.1600 area could be seen.

eurusd chart