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EURUSD broke below the rising trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 24, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD broke below the rising trend line on 4-hour chart and is testing 1.4611 support, a break below this level will indicate that the uptrend from 1.4177 has completed at 1.4843 level already, then the following downtrend will will take price back to 1.4450 or even lower. Near term resistance is now located at 1.4843, only rise above this level will indicate that the uptrend from 1.4177 has resumed, then the next target would be at 1.5000 zone.

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