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EURUSD stays below downward trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 27, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.3650, and the fall extended to as low as 1.3421. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.3300 area. However, a clear break above the trend line resistance will indicate that consolidation for the downtrend from 1.3700 is underway, then further rally to 1.3530 area is possible.

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