Daily Forex Analysis ? May 18, 2011

EURUSD Analysis. EURUSD broke above the price channel resistance, suggesting that a cycle bottom is being formed at 1.4048 on 4-hour chart. Range trading between 1.4048 and 1.4339 could be seen in a couple of days. Key resistance is at 1.5339, as long as this level holds, the price action from1.4048 is treated as consolidation [...]

Source: http://blog.forexcycle.com/6378/daily-forex-analysis-may-18-2011/

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