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EURUSD pulled back from 1.4248

Discussion in 'Technical Analysis' started by ForexCycle.com, Mar 22, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being contained by 1.4281 (Nov 4, 2010 high) resistance, EURUSD pulled back from 1.4248, suggesting that a cycle top is being formed on 4-hour chart. Range trading between 1.4100 and 1.4248 is expected in a couple of days. However, the fall from 1.4248 is treated as consolidation of uptrend from 1.3752, another rise towards 1.4500 is still possible after consolidation, and a break above 1.4248 could signal resumption of uptrend.

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