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

EURUSD breaks below the rising support trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 18, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Joined:
    Sep 1, 2008
    Messages:
    914
    Likes Received:
    0
    EURUSD breaks below the rising support trend line on 4-hour chart, suggesting lengthier consolidation of uptrend from 1.4484 is underway. Range trading between 1.4780 and 1.4966 is expected to follow, and a short term cycle bottom is expected to be formed above 1.4780 support. However, below 1.4780 will signal deeper decline to 1.4600 area. Key resistance is now at 1.4966, a break above this level will indicate that the uptrend from 1.4484 has resumed, then another rise towards 1.5100 could be seen.

    [​IMG]

    Free Forex Analysis
     
Loading...

Share This Page