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EURUSD continued its downward move

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 16, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    EURUSD continued its downward move from 1.4696, and the fall extended further to as low as 1.4073, the subsequent bounce could be treated as consolidation of downtrend. Resistance is at 1.4300, as long as this level holds, we’d expect downtrend to resume, and another fall to test 1.3969 support is possible. However, a break above 1.4300 will indicate that a cycle bottom has been formed at 1.4073 on 4-hour chart, and the fall from 1.4696 has completed.


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