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EURUSD breaks above channel resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 29, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD breaks above the resistance of the upper line of the price channel on 4-hour chart, suggesting that the downtrend from 1.3201 had completed at 1.2955 already. Further rise to test 1.3201 resistance could be expected, a break above this level will signal resumption of the uptrend from 1.2747, then next target would be at 1.3500 zone. Support is at 1.3020, only break below this level could trigger another fall to 1.2900 area.

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