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EURUSD continues its sideways movement

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 17, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    EURUSD continues its sideways movement in a narrow range between 1.3709 and 1.3810. Support is at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the price action in the range could be treated as consolidation of the uptrend from 1.3296 (Nov 7 low), and one more rise to test 1.3832 (Oct 25 high) resistance is still possible. On the downside, a clear break below the channel support will indicate that uptrend from 1.3296 had completed at 1.3810 already, then the following downward movement could bring price back to 1.3400 zone.


    Provided by ForexCycle.com

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