EURUSD failed to test 1.5144 previous high resistance

Franco Shao from ForexCycle.com at 12/04/09

 

EURUSD failed to test 1.5144 previous high resistance, pullback towards 1.4900 zone to reach next cycle bottom on 4-hour chart would more likely be seen in a couple of days, however, a break below 1.5032 support is needed to confirm such case. On the other side, a break above 1.5144 level will signal resumption of longer term uptrend from 1.3748 (Jun 16 low), and then further rally is expected to 1.5200-1.5300 area.