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EURUSD remains in uptrend from 1.3105

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 6, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD remains in uptrend from 1.3105, the price action from 1.3568 could be treated as consolidation of the uptrend. Support is now located at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to resume, and another rise towards 1.3700 is still possible. On the downside, a clear break below the channel support will suggest that consolidation of the longer term uptrend from 1.2756 (Jul 9 low) is underway, then deeper decline to 1.3300 area could be seen.

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