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EURUSD breaks below the rising support trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 18, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    EURUSD breaks below the rising support trend line on 4-hour chart, suggesting lengthier consolidation of uptrend from 1.4484 is underway. Range trading between 1.4780 and 1.4966 is expected to follow, and a short term cycle bottom is expected to be formed above 1.4780 support. However, below 1.4780 will signal deeper decline to 1.4600 area. Key resistance is now at 1.4966, a break above this level will indicate that the uptrend from 1.4484 has resumed, then another rise towards 1.5100 could be seen.


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