November 27, 2017
EURUSD extended its upside movement from 1.1554 to as high as 1.1944, breaking above 1.1879 key resistance, confirming that the downside movement from 1.2092 (Sep 8 high) had completed at 1.1554 already. Near term support is at the bullish trend line on the 4-hour chart. As long as the price is above the trend line, the upside movement from 1.1554 could be expected to continue and next target would be at 1.2000, followed by 1.2092. On the downside, a breakdown below the trend line support could bring price back to next support level at 1.1712. Below this level could trigger further downside movement towards 1.1554 previous low, followed by the resistance-turned-support trend line on the weekly chart now at around 1.1390.
By ForexCycle.com
