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EURUSD rebounded from 1.4073

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 19, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being contained by 1.3969 support, EURUSD rebounded from 1.4073. Resistance is now at the downtrend line on 4-hour chart. As long as the trend line resistance holds, the bounce from 1.4073 is treated as consolidation of downtrend from 1.4696, and one more fall to re-test 1.3969 support is possible. However, a clear break above the trend line resistance will indicate that a cycle bottom had been formed, and the fall from 1.4696 had completed at 1.4073 already, then the following upward move could bring price to 1.4500-1.4600 area.

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