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EURUSD continues its sideways movement

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 30, 2012.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD continues its sideways movement in a range between 1.3157 and 1.3308. Key support remains at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the price action in the range could be treated as consolidation of the uptrend from 1.2661, and another rise towards 1.3500 could be expected after consolidation. However, a clear break below the channel support will indicate that the uptrend has completed at 1.3308 already, then the following downward movement could bring price back to 1.2700-1.2800 area.

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