search CFD Spy

Advertising





Most Popular


got trading broker knowledge? Why not Submit a rating and review today!
Compare Online Trading brokers

1 Star2 Stars3 Stars4 Stars5 Stars
(Be first to rate!)
Loading ... Loading ...

November 7th, 2009, 6:18 am | By forexcycle | Published in Daily Technical | Comments on this postNo Comments »

After touching the lower border of the rising price channel on daily chart, EURUSD rebounded from 1.4626 level. The rise from 1.4626 is more likely resumption of uptrend from 1.3748, another rise towards 1.5200 is now in favor. Key support level is located at 1.4626, fall below this level will indicate that the uptrend from 1.3748 has completed at 1.5062 already, then the following downtrend could take price back to 1.4000 area.

For long term analysis, EURUSD remains in long term bullish movement from 1.2456, further rise is still possible to 1.5200-1.5500 area. However, a break below 1.4484 key support will indicate that a long term cycle top has been formed on weekly chart.

Share this article:
  • Mixx
  • Facebook
  • TwitThis
  • Digg
  • Propeller
  • Reddit
  • Technorati
  • del.icio.us
  • StumbleUpon
  • Print this article!
  • E-mail this story to a friend!

About the author

forexcycle Forex Cycle. See more Forex Analysis from forex cycle.

You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply