EURUSD traded in a narrow range

Franco Shao from ForexCycle.com at 11/25/09

 

After breaking above the falling trend line on 4-hour chart, EURUSD traded in a narrow range between 1.4888 and 1.4999. A break above 1.4999 will confirm the the rise from 1.4801 is resumption of longer term uptrend from 1.3748 (June 16 low), then another rise towards 1.5200 is expected to follow. Support level is at 1.4888 followed by 1.4801, only fall below these levels could indicate that the pair remains in a larger trading range between 1.4626 and 1.5062 and lengthier consolidation in the range is expected to follow.