EURUSD stays in a rising price channel

Franco Shao from ForexCycle.com at 01/08/10

 

EURUSD stays in a rising price channel on 4-hour chart, and the price action in the channel is more likely consolidation of downtrend from 1.5144. Lengthier consolidation is still in favor and one more rise towards the upper border of the price channel is expected later today. Initial support is located at the bottom of the price channel and key support is now at 1.4257, a break below this level will indicate that the downtrend has resumed and another fall towards 1.4000 could be seen.