EURUSD pulled back from 1.5019

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

 

Being contained by 1.5062 previous high resistance, EURUSD pulled back from 1.5019, suggesting that a minor consolidation of uptrend from 1.4626 is on the way. Another fall towards the lower border of the rising price channel is possible later today. However, as long as the channel support holds, we’d expect uptrend to resume and further rise towards 1.5200 could be seen after consolidation. Key resistance is at 1.5062, above this level will confirm the resumption of long term uptrend from 1.3748 (June 16 low).