EURUSD is facing the support of the upward trend line

January 27, 2017

EURUSD is facing the support of the upward trend line on 4-hour chart. As long as the trend line support holds, the fall from 1.0774 could be treated as consolidation of the uptrend from 1.0340, and further rise to 1.0900 area is still possible after consolidation. Key support is at 1.0588, only break below this level 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