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EURUSD pulls back from 1.3587

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 1, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    After breaking above 1.3568 resistance, EURUSD pulls back from 1.3587, suggesting that lengthier consolidation of the uptrend from 1.3105 is underway. Range trading between 1.3462 and 1.3587 would likely be seen in a couple of days. Support is at 1.3462, as long as this level holds, the uptrend could be expected to resume, and one more rise towards 1.3700 is still possible. On the downside, a breakdown below 1.3462 will indicate that the uptrend had completed at 1.3587 already, then the following downward movement could bring price back to 1.3350 zone.

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