EURUSD broke below upward trend line

January 31, 2017

EURUSD broke below the upward trend line on 4-hour chart. However as long as 1.0588 support holds, the fall from 1.0774 would possibly be consolidation of the uptrend from 1.0340, and further rise to 1.0900 area is still possible after consolidation. On the downside, a break below 1.0588 support will indicate that the uptrend had completed at 1.0774 already, then the following downward movement could bring price back to test 1.0340 support.

By ForexCycle.com