EURUSD failed to break below 1.1161 support

Franco Shao ForexCycle.com

EURUSD failed to break below 1.1161 support and moved sideways in a trading range between 1.1161 and 1.1267, indicating that the pair remains in uptrend from 1.0839 and the fall from 1.1267 could be treated as consolidation of the uptrend. As long as the 1.1161 support holds, the uptrend could be expected to continue and next target would be at 1.1350 area. On the downside, a breakdown below 1.1161 support will indicate that the upward movement had completed at 1.1267 already, this could trigger a correction pullback into 1.1070 zone.

Author

Franco Shao

ForexCycle.com

Franco Shao is founder of ForexCycle.com - a website that focuses on market trend and data analysis of the financial markets, especially for foreign exchange trading. It was established in year 2005. Franco has rich experience in the industry.

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