EURUSD remains in downtrend from 1.3451

September 5, 2013 in Forex Analysis

EURUSD remains in downtrend from 1.3451, the rise from 1.3139 is treated as consolidation of the downtrend. Resistance is now located at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and one more fall towards 1.3000 is still possible. On the upside, a clear break above the channel resistance will suggest that the downtrend from 1.3451 had completed at 1.3139 already, then the following upward movement could bring price to 1.3500 zone.

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