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EURUSD’s rise extends to 1.2662

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 6, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    EURUSD’s rise from 1.2150 extends further to as high as 1.2662. Now the pair is facing the upper boundary of the price channel on 4-hour chart, consolidation of uptrend would more likely be seen in a couple of days. Key support is now at 1.2480, a break below this level will indicate that a cycle top has be formed, and the rise from 1.2150 has completed, then pullback to lower boundary of the channel could be seen. However, as long as 1.2480 support holds, the pair remains in uptrend from 1.2150, and another rise to 1.3000 is still possible.


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    #1 ForexCycle.com, Jul 6, 2010
    Last edited: Jul 6, 2010

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