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EURUSD may be forming a cycle bottom at 1.3074

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 10, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD may be forming a cycle bottom at 1.3074 level on 4-hour chart. Range trading between 1.3074 and 1.3333 is expected in a couple of days. Support is at 1.3074, as long as this level holds, we’d expect uptrend to resume and one more rise to 1.3500 area is still possible after consolidation. However, a break below 1.3074 will indicate that lengthier consolidation of uptrend from 1.1876 (Jun 7 low) is underway, then deeper decline could be seen to 1.2900-1.3000 area.

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