EURUSD has formed a cycle bottom at 1.4048

By @ibtimes on

EURUSD has formed a cycle bottom at 1.4048 on 4-hour chart. Range trading between 1.4048 and 1.4339 would likely be seen in a couple of days. Key resistance is at 1.5339, a break above this level will indicate that the downward movement from 1.4939 had completed at 1.4048 already, then the following upward move could bring price back to 1.4500-1.4600 area. However, as long as 1.4339 resistance holds, the price action from1.4048 is treated as consolidation of downtrend from 1.4939, another fall towards 1.3800 is still possible after consolidation.

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