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EURUSD pulled back from 1.4816

Franco Shao from ForexCycle.com at 10/12/09


Being contained by 1.4843 previous high resistance, EURUSD pulled back from 1.4816 last Friday, suggesting that a short term cycle top is being formed on 4-hour chart. Key support is now located at 1.4649, a break below this level will confirm the cycle top and indicate that the uptrend from 1.4484 has completed, then the following downtrend could take price back to 1.4550 area. However, a break above 1.4843 previous high will suggest that the uptrend from 1.3748 (Jun 16 low) has resumed, then further rise is expected to 1.5000 level.

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