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EURUSD breaks below 1.4086 support

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 17, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD breaks below 1.4086 support, suggesting that the uptrend from 1.3748 (June 16 low) has completed at 1.4447 level already. Deeper decline is now in favor and target would be at 1.3800 zone. Now the pair is in short term downtrend from 1.4327, as long as 1.4150 resistance holds, we’d expect downtrend to continue. However, above 1.4150 level will take price back to 1.4200-1.4250 area to reach the next cycle top on 4-hour chart.

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