EURUSD failed to test the key support at 1.4649

Franco Shao from ForexCycle.com at 10/13/09

 

EURUSD failed to test the key support at 1.4649 and rebounded from 1.4672 level, suggesting that the pair is back to range trading between 1.4649 and 1.4816. Initial resistance is at 1.4816, a break above this level will indicate that the uptrend from 1.3748 (Jun 16 low) has resumed, then further rise is expected to 1.5000 area. On the down side, key support remains at 1.4649, below this level will indicate that a short term cycle top has been formed at 1.4816 level on 4-hour chart and the short term uptrend from 1.4484 has completed, then the following downtrend could take price to 1.4550 zone.