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EURUSD’s rise extended to 1.4497

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 14, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD’s bounce from 1.4321 extended to as high as 1.4497, suggesting that a cycle bottom had been formed at 1.4321 on 4-hour chart. Lengthier consolidation of downtrend from 1.4696 is possible in a couple of days, and range trading between 1.4321 and 1.4497 is expected. Support is at 1.4321, a breakdown below this level will indicate that the downtrend from 1.4696 has resumed, then another fall towards 1.3969 could be seen.

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