EURUSD Daily Analysis – February 4, 2015

EURUSD broke above the downward trend line on 4-hour chart, indicating that the downtrend from 1.2569 (Dec 16, 2014 high) had completed at 1.1097 already. Range trading between 1.1097 and 1.1650 would likely be seen over the next several days. However, as long as 1.1650 resistance holds, rise from 1.1097 would possibly be consolidation of the downtrend, another fall towards 1.0500 could be expected after consolidation.

eurusd chart