EURUSD formed a short term cycle top

Franco Shao from ForexCycle.com at 11/30/09

 

EURUSD formed a short term cycle top at 1.5144 and dropped sharply to as low as 1.4828 last week. Range trading between 1.4801 and 1.5144 is possible in a couple of days. As long as 1.4801 support holds, the fall from 1.5144 is treated as consolidation of uptrend from 1.3748 (Jun 16 low), and another rise towards 1.5200-1.5300 area is still possible. However, below 1.4801 key support will indicate that the uptrend has completed at 1.5144 level already, then the falling downtrend could take price to 1.4000 zone.