EURUSD pulled back from 1.3138
October 19, 2012 2:06 am in Forex Analysis
Being contained by 1.3171 previous high resistance, EURUSD pulled back from 1.3138. However, the fall is likely minor consolidation of the uptrend from 1.2825, another rise to test 1.3171 resistance could be expected after consolidation, and a break above this level will confirm that the longer term uptrend from 1.2042 (Jul 24 low) has resumed, then further rise to 1.3500 could be seen. Support is at 1.3025, only break below this level could indicate that a cycle top has been formed at 1.3138 on 4-hour chart, and lengthier consolidation of the uptrend from 1.2042 is underway, then another fall to re-test 1.2803 support is possible.