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

EURUSD broke below price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 26, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Joined:
    Sep 1, 2008
    Messages:
    914
    Likes Received:
    0
    EURUSD broke below the rising price channel on daily chart, signaling a change in trend. Bearish movement is expected to continue next week and next target would be at 1.3000 area. Resistance is at the downtrend line from 1.4281 to 1.3785, only a clear break above the trend line resistance could indicate that consolidation of downtrend is underway.

    For long term analysis, EURUSD has formed a cycle top at 1.4281 level on weekly chart. Deeper decline towards 1.1876 previous low is expected in next several weeks.

    [​IMG]

    [​IMG]

    Weekly Forex Forecast
     
Loading...

Share This Page