EURUSD Daily Analysis – February 23, 2015

EURUSD failed to break below 1.1261 support, and stayed in the trading range between 1.1261 and 1.1534. Another fall to test 1.1261 support would likely be seen, a breakdown below this level will signal resumption of the downtrend from 1.2569 (Dec 16, 2014 high), then deeper decline to 1.0500 area could be seen. Resistance is at 1.1534, only break above this level will indicate that lengthier consolidation for the downtrend from 1.2569 is underway, then further rise to 1.1650 – 1.1700 area could be seen.

eurusd chart