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EURUSD's rise from 1.3969 extended to 1.4642

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 3, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD's rise from 1.3969 extended to as high as 1.4642. As long as 1.4939 key resistance holds, the rise is treated as correction of downtrend from 1.4939, and another fall towards 1.3500 is still possible. However, a break above 1.4939 will indicate that the long term uptrend from 1.2874 (Jan 10 low) has resumed, then next target would be at 1.5500 area.

    For long term analysis, EURUSD had formed a cycle top at 1.4939 on weekly chart. Further fall towards 1.1500 is possible in next several months.

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