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EURUSD breaks above downward trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 19, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    EURUSD breaks above the downward trend line on 4-hour chart, suggesting that a cycle bottom is being formed at 1.3306 on 4-hour chart, and lengthier consolidation of the downtrend from 1.3711 is underway. Further rally could be expected and the target would be at 1.3475 area. Key resistance is at 1.3519, as long as this level holds, one more fall towards 1.3100 is still possible, only break above 1.3519 could signal completion of the downtrend.


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