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EURUSD stays above a upward trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 9, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.2796, the fall from 1.3305 is treated as consolidation of the uptrend. As long as the trend line support holds, the uptrend could be expected to resume, and one more rise towards 1.3500 is still possible after consolidation. On the downside, a clear break below the trend line support will suggest that lengthier consolidation of the uptrend is underway, then deeper decline to 1.3100 area could be seen.

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