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EURUSD pulled back from 1.3497

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 14, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    After breaking above 1.3437 resistance, EURUSD pulled back from 1.3497, suggesting that a cycle top is being formed on 4-hour chart. Now the fall from 1.3497 could possibly be resumption of downtrend, deeper decline to test 1.3165 key support would likely be seen, a breakdown below this level will confirm the resumption of downtrend. Resistance is at 1.3497, only break above this level could take upside further to 1.3600 area.

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