EURUSD failed to break below 1.1109 support

EURUSD failed to break below the 1.1109 key support and stays in the trading range between 1.1109 and 1.1295, indicating that the pair remains in the uptrend from 1.0569 (Apr 10 low), and the sideways movement in the range could be treated as consolidation of the uptrend. As long as 1.1109 support holds, the uptrend could be expected to resume, and another rise towards 1.1450 is still possible after the consolidation. The key support is at 1.1070, only a break below this level could signal completion of the uptrend.

EURUSD 4-hour chart

 

By ForexCycle.com

 

 


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