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EURUSD broke below lower border of price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Mar 21, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    EURUSD broke below the lower border of the price channel on 4-hour chart, suggesting that a cycle top has been formed at 1.3817 level on 4-hour chart and the bounce from 1.3435 has completed. Deeper decline to test 1.3435 support could be expected later today, a breakdown below this level will signal resumption of long term downtrend from 1.5144 (Nov 25, 2009 high), then another fall towards 1.3200 could be seen.


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