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EURUSD broke above 1.4705 key resistance

Discussion in 'Major Currency Pairs' started by ForexCycle.com, Sep 23, 2008.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD broke above 1.4705 key resistance and the rise from 1.3881 is now treated as resumption of up trend. Further rise towards 1.5200 zone to reach the next cycle top on daily chart is possible in the next several days. Initial support is at 1.4480, as long as this support holds, up trend will continue.

    For long term analysis, EURUSD broke above 1.4705 key resistance and formed a cycle bottom at 1.3881 on weekly chart. Consolidation in a range between 1.3881 and 1.6038 (July 15 high) is expected in next few months.

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