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EURUSD continues its downward movement from 1.3451

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 5, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD continues its downward movement from 1.3451, and the fall extends to as low as 1.3111. Resistance is located at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.3050 area. On the upside, a clear break above the channel resistance will will suggest that the downtrend from 1.3451 has completed, then the following upward movement could bring price back to 1.3500 zone.

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