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EURUSD has formed a short term cycle top

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 26, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    EURUSD has formed a short term cycle top at 1.4375 on 4-hour chart. Deeper decline to test 1.4200 support is possible later today, a break down below this level will suggest that the uptrend from 1.4045 has completed at 1.4375 already, then further fall could be seen to follow and target is to test 1.4045 previous low support. Near term resistance is at 1.4290, and key resistance is at 1.4375, only rise above this level will indicate that the uptrend from 1.4145 has resumed, then further rise towards 1.4500 is expected.


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