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EURUSD formed a cycle top at 1.4457

Franco Shao from ForexCycle.com at 12/31/09


EURUSD has formed a short term cycle top at 1.4457 level on 4-hour chart. Range trading between 1.4218 and 1.4457 is expected in a couple of days. As long as 1.4457 resistance holds, the price action from 1.4218 is treated as consolidation of downtrend from 1.5144 and one more fall towards 1.4100 is still possible after consolidation. However, a break above 1.4457 will indicate that the fall from 1.5144 has completed at 1.4218 already, then further rally could be seen to 1.4500 or even higher.

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