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EURUSD’s bearish movement extends to 1.2144

Discussion in 'Technical Analysis' started by ForexCycle.com, May 18, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD’s bearish movement extends further to as low as 1.2144 level. Deeper decline is still possible later today and next target would be at 1.2000 area. Resistance is at the falling trend line from 1.3093 to 1.2444, now at 1.2390, as long as this level holds, downtrend will continue. Key resistance is at 1.2444, above this level will suggest that a cycle bottom is being formed, then sideways consolidation of downtrend could be seen.

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