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EURUSD broke below rising trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 5, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD broke below the rising trend line from 1.3267 to 1.3384, suggesting that a cycle top is being formed at 1.3590 level on 4-hour chart. Deeper decline to test 1.3384 support could be seen later today, a breakdown below this level will confirm the cycle top and indicate that the bounce from 1.3267 has completed, then another fall towards 1.3100 is expected. Resistance is now at 1.3590, only rise above this level could bring price to 1.3700 area.

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