Free Forex Market Analysis

EURUSD breaks below the lower line of the price channel on 4-hour chart, suggesting that lengthier consolidation in the range between 1.2465 and 1.2589 is underway. Key support is at 1.2465, as long as this level holds, the price action in the range is treated as consolidation of the uptrend from 1.2241, and another rise towards 1.2700 is still possible. On the downside, a breakdown below 1.2465 could signal completion of the uptrend from 1.2241, then further decline to 1.2400 area could be seen.



Daily Forex Forecast

EURUSD trades in a range between 1.2465 and 1.2589. The price action in the range is likely consolidation of the uptrend from 1.2241. Initial support is at the lower line of the price channel on 4-hour chart, followed by 1.2465, as long as this level holds, the uptrend could be expected to resume, and another rise towards 1.2700 is still possible. On the other side, a breakdown below 1.2465 will suggest that lengthier consolidation of the uptrend from 1.2042 is underway, then deeper decline to 1.2400 area could be seen.



Daily Forex Analysis

EURUSD fails to break below the lower line of the price channel on 4-hour chart, and rebounds from 1.2465, suggesting that a cycle bottom is being formed. Initial resistance is at 1.2589, a break above this level will indicate that the uptrend from 1.2241 has resumed, then further rise towards 1.2700 area could be seen. Support remains at the lower line of the channel, only a clear break below the channel support could signal completion of the uptrend, then deeper decline to 1.2400 area could be expected.



Daily Forex Forecast

EURUSD has formed a cycle top at 1.2589 on 4--hour chart. Deeper decline would likely be seen, and the target would be at the lower line of the price channel. As long as the the channel support holds, the fall from 1.2589 is treated as consolidation of the uptrend from 1.2241, and another rise towards 1.2800 is still possible. On the downside, a clear break below the trend line support will indicate that lengthier consolidation of the uptrend from 1.2042 is underway, then further fall to 1.2400 area to complete the consolidation could be seen.



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