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EURUSD broke above 1.4447 resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 12, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    EURUSD broke above 1.4447 resistance and the uptrend from 1.3748 extended to the upper border of the rising price channel on daily chart. A clear break above the channel resistance will signal a great move towards 1.5100-1.5200 area. On the other side, uptrend may be limited by the channel resistance, and a break below 1.4447 level will take price back towards the lower border of the price channel.

    For long term analysis, EURUSD remains in long term uptrend from 1.2456, further rise is possible to 1.5200-1.5500 area in next several weeks.


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