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Euro Rebound after Nearly Changing Trend to Down

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Oct 19, 2010.

  1. forextrends24

    forextrends24 New Member

    Mar 27, 2009
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    Today’s sample of Forex Analysis from ForexHound.com

    The EUR USD finished down on Monday after rebounding from its low following early session weakness. The initial break in Monday’s session was follow-through selling following Friday’s closing price reversal top. This down move was short-lived because a not so friendly U.S. Industrial report triggered a short-covering rally which lasted most of the day.

    Besides the short-covering rally, nothing happened that would change the developing bearish reversal formation. As long as last week’s top at 1.4159 remains intact, this market could begin a correction which takes it back to 1.3373 to 1.3187.

    The last swing bottom is 1.3775. A break through this level will turn the main trend to down. It could also trigger the start of an acceleration to the downside.

    Read full article at ForexHound.com as well more Forex Trading articles including Forex Technical Analysis and Forex Education

    Disclaimer: Trading foreign exchange on the margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore should not invest money that you cannot afford to lose.

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