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EURUSD has formed a cycle top at 1.3711

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 4, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD has formed a cycle top at 1.3711 on 4-hour chart. Range trading between 1.3430 and 1.3711 would likely be seen in a couple of days. Support is at 1.3430, as long as this level holds, the fall from 1.3711 is treated as consolidation of the uptrend from 1.2998, and another rise towards 1.4000 is still possible. On the downside, a breakdown below 1.3430 will suggest that lengthier consolidation of the longer term uptrend from 1.2661 (Nov 13, 2012 low) is underway, then deeper decline to 1.3300 area could be seen.

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