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EURUSD formed a cycle bottom at 1.4266

Franco Shao from ForexCycle.com at 01/11/10


EURUSD has formed a short term cycle bottom at 1.4266 level on 4-hour chart. Bounce to 1.4500 area to reach next cycle top is expected in a couple of days. The price action from 1.4218 is treated as consolidation of downtrend from 1.5144 (Nov 25, 2009 high), another fall is still possible after consolidation and a breakdown below 1.4257 key support will signal resumption of downtrend.

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