EURUSD rebounded from 1.4626 level

Franco Shao from ForexCycle.com at 11/07/09

 

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.