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EURUSD breaks above boundary of price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 15, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    EURUSD breaks above the upper boundary of the falling price channel on 4-hour chart, suggesting completion of downtrend from 1.3817 (Mar 17 high). Support is now at 1.2165, as long as this level holds, further rally is still possible and next target would be at 1.2450-1.2500 area. Key support is at 1.2045, only fall below this level could turn price back to re-test 1.1876 previous low support.


    Forex Forecast

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