EURUSD Daily Analysis – February 3, 2015

EURUSD is facing the resistance of the downward trend line on 4-hour chart. A clear break above the trend line resistance will indicate that the downtrend from 1.2569 (Dec 16, 2014 high) had completed at 1.1097 already, then the following upward movement could bring price to 1.1600 zone. However, as long as the trend line resistance holds, the rise from 1.1097 would possibly be consolidation of the downtrend, another fall towards 1.0500 is still possible after consolidation.

eurusd chart