1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

EURUSD breaks above 1.0244 resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, May 20, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    EURUSD breaks above 1.0244 resistance, suggesting that a cycle bottom has been formed at 1.2144 level on 4-hour chart. Range trading between 1.2144 and 1.2710 would more likely be seen in next several days. As long as 1.2710 resistance holds, the price action from 1.2144 is treated as consolidation of downtrend from 1.3691 (Apr 12 high), and another fall to 1.2000 is still possible after consolidation, however, above 1.2710 will indicate that the fall 1.3691 has completed at 1.2144 already, then the following uptrend could take price back to 1.3000 area.


    Daily Forex Signals

Share This Page