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EURUSD failed to break above channel resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 12, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    EURUSD failed to break above the upper line of the price channel on 4-hour chart, and pulled back from 1.3682, suggesting that the upward movement from 1.3477 is complete. Further decline could be expected in a couple of days, and next target would be at 1.3500 area. Key resistance is now at 1.3682, only break above this level will indicate that the longer term downtrend from 1.3892 (Dec 27, 2013 high) had completed at 1.3477 already, then the following upward movement could bring price to 1.4000 zone.


    Provided by ForexCycle.com

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