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EURUSD broke below price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 26, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    EURUSD broke below the rising price channel on daily chart, signaling a change in trend. Bearish movement is expected to continue next week and next target would be at 1.3000 area. Resistance is at the downtrend line from 1.4281 to 1.3785, only a clear break above the trend line resistance could indicate that consolidation of downtrend is underway.

    For long term analysis, EURUSD has formed a cycle top at 1.4281 level on weekly chart. Deeper decline towards 1.1876 previous low is expected in next several weeks.



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