EURUSD is testing the key resistance at 1.1450

Franco Shao ForexCycle.com

EURUSD is testing the key resistance at 1.1450. A clear break above this level will confirm the double bottom pattern on the weekly chart, then the following long term bullish movement could bring price into 1.2700 zone. As the pair stays above the bullish trend line on the daily chart, the uptrend from 1.0569 could be expected to continue, and next target would be at 1.1600 area. On the downside, a clear break below the trend line support could bring price back to test 1.1109 key support, only a breakdown below this level will indicate that lengthier consolidation for the uptrend from 1.0340 is underway, then the pair will find next support level at around 1.0950.

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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