EURUSD Forecast June 30, 2015, Technical Analysis
The EURUSD pair gapped lower at the open on Monday, crashing into the 1.10 handle. This area had enough support in it though to keep the market afloat and we bounced much higher.
Currency Strategies
FOREX Market Analysis
EURUSD breaks below the lower line of the price channel on 4-hour chart, suggesting that a cycle top has been formed at 1.3125 and the uptrend from 1.2661 has completed. The pair is now in downtrend from 1.3125, further decline could be expected and next target would be at 1.2850-1.2900 area. Key resistance is at 1.3125, only break above this level could trigger another rise towards 1.3500.
FOREX Market Analysis
EURUSD may be forming a cycle top at 1.3125 on 4-hour chart. Range trading between 1.3000 and 1.3125 would likely be seen in a couple of days. Support is now located at the lower line of the price channel, as long as the channel support holds, the fall from 1.3125 could be treated as consolidation of the uptrend from 1.2661, one more rise towards 1.3500 is still possible after consolidation, only a clear break below the channel support could signal completion of the uptrend.