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EURUSD consolidates in a narrow range

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 11, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being contained by 1.5062 previous high resistance, EURUSD consolidates in a narrow range between 1.4938 and 1.5048. As long as 1.4938 support holds, uptrend from 1.4626 will continue and further rise to 1.5200 is possible. However, below 1.4938 will indicate that a short term cycle top has been formed at 1.5048 level on 4-hour chart, then lengthier consolidation could take price to 1.4850-1.4900 area.

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