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EURUSD traded in a narrow range between 1.4218 and 1.4457 for several days. As long as 1.4457 resistance holds, downtrend from 1.5144 could be expected to continue and another fall towards 1.4000 area is still possible. However, a break above 1.4457 key resistance could indicate that a cycle bottom has been formed at 1.4218 on daily chart, and the fall from 1.5144 has completed, then further rally could be seen to 1.4600 or even 1.4700.

For long term analysis, EURUSD has formed a cycle top at 1.5144 level on weekly chart. Pullback towards 1.4000 area to reach next cycle bottom is expected in next several weeks.



Written by ForexCycle.com

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Biggest % gainers: GBP/JPY up 1.12%, GBP/USD, AUD/JPY, CHF/JPY on strong GBP strength and mild JPY weakness.

Biggest % losers: EUR/GBP down 0.51%, USD/CHF, USD/CAD, EUR/CHF on mild USD weakness, mild CHF strength and GBP strength.

GBP still enjoying the comments yesterday ...as some analysts reported that the pound was "undervalued". GBP being easily pushed around on ultra-thin volumes with most major banks of the world closed for business.

Oil $79.33
Gold $1,102.80

GBP ...

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EURUSD has formed a short term cycle top at 1.4457 level on 4-hour chart. Range trading between 1.4218 and 1.4457 is expected in a couple of days. As long as 1.4457 resistance holds, the price action from 1.4218 is treated as consolidation of downtrend from 1.5144 and one more fall towards 1.4100 is still possible after consolidation. However, a break above 1.4457 will indicate that the fall from 1.5144 has completed at 1.4218 already, then further rally could be seen to 1.4500 or even higher.



Written by ForexCycle.com