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EURUSD bounces strongly from 1.2747

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 4, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD bounces strongly from 1.2747, suggesting that a cycle bottom has been formed on 4-hour chart. Further rise to test 1.3000 key resistance would likely be seen, a break above this level will indicate that the downtrend from 1.3711 (Feb 1 high) has completed, then the following upward movement could bring price to 1.4000 zone. On the downside, as long as 1.3000 resistance holds, the rise from 1.2747 would possibly be consolidation of the downtrend, one more fall to 1.2500 area is still possible.

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