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EURUSD continues its downward move from 1.4577

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 10, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    EURUSD continues its downward move from 1.4577, and the fall extended to as low as 1.4197. Resistance is at 1.4305 followed by 1.4375, as long as these levels hold, downtrend could be expected to continue, and next target would be at 1.4100-1.4150 area. However, a break above 1.4375 will indicate that a cycle bottom has been formed on 4-hour chart, and the fall from 1.4577 has completed, then the following upward move could bring price back to 1.4450-1.4500 area.


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