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EURUSD may be forming a cycle top

Discussion in 'Technical Analysis' started by ForexCycle.com, May 1, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    EURUSD may be forming a cycle top at 1.4881 level on 4-hour chart. Range trading between 1.4700 and 1.4881 would likely be seen in a couple of days. However, the price action from 1.4881 is treated as minor consolidation of uptrend from 1.4157, as long as 1.4700 support holds, uptrend could be expected to resume, and another rise towards 1.5000 is still possible after consolidation. Resistance is at 1.4881, a break above this level could signal resumption of uptrend.


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