EURUSD runs in a rising price channel

Franco Shao from ForexCycle.com at 10/22/09

 

EURUSD runs in a rising price channel on 4-hour chart and continue its upward trend from 1.4484. Further rally is still in favor and next target would be at 1.5100 zone. Support is now at the lower border of the price channel, as long as the channel support holds, uptrend will continue. However, a breakdown below 1.4827 key support will indicate that the rise from 1.4484 has completed, then the following pullback will take price to 1.4700-1.4750 area.