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

EURUSD broke above the downward trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 3, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    EURUSD broke above the downward trend line on 4-hour chart, indicating that consolidation of the downtrend from 1.3700 is underway. Range trading between 1.3366 and 1.3470 would likely be seen in a couple of days. Resistance is now at 1.3470, as long as this level holds, the downtrend could be expected to resume, and another fall towards 1.3000 is still possible after consolidation. On the upside, a break above 1.3470 resistance will signal completion of the downtrend from 1.3700, then further rise to 1.3550 area could be seen.


Share This Page