EURUSD drops sharply from 1.4026

Franco Shao from ForexCycle.com at 02/05/10

EURUSD drops sharply from 1.4026 and reaches the lower border of the falling price channel on 4-hour chart. Minor consolidation of downtrend could be expected later today, however, another fall towards 1.3600 is still possible after consolidation. Resistance remains a the top of the price channel, only a clear break above the channel resistance could indicate that the fall from 1.4579 has completed.