EURUSD failed to breakout of 1.1879 resistance

forexcycle

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EURUSD failed in its attempt to breakout of 1.1879 resistance and pulled back from 1.1860. However, as long as the price is above 1.1740 support, the fall would possibly be consolidation of the uptrend from 1.1554, and another rise to test 1.1879 resistance is still possible after the consolidation. A breakout of this level will confirm that downtrend from 1.2092 (Sep 8 high) had completed at 1.1554 already, then the following upside movement could take price to 1.2000 area. On the downside, a breakdown below 1.1740 level will suggest that the short term uptrend from 1.1554 had completed at 1.1860 already, then deeper decline towards the resistance-turned-support level at 1.1690 could be seen. Below this level could trigger further downside movement towards 1.1554, followed by 1.1400.

 
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