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EURUSD stays below a downward trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 10, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    EURUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.3832, the rise from 1.3296 could be treated as consolidation of the downtrend. Key resistance is now at 1.3450, as long as this level holds, the downtrend could be expected to resume, and next target would be at 1.3200 area. On the upside, a clear break above the trend line resistance will indicate that the downtrend from 1.3832 had completed at 1.3296 already, then the following upward movement could bring price to 1.4000 zone.


    Provided by ForexCycle.com

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