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EURUSD's downward movement extended to 1.3121

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 31, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    EURUSD's downward movement from 1.3411 extended to as low as 1.3121. Near term resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.3000 area. Key resistance is at 1.3220, only break above this level will indicate that lengthier consolidation of the longer term downtrend from 1.3700 (Jul 1 high) is underway, then the pair will find resistance around 1.3300.


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