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EURUSD drops sharply from 1.4304

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 28, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    Being contained by 1.4338 previous high resistance, EURUSD drops sharply from 1.4304, suggesting that a short term cycle top is being formed. Deeper decline is expected to test 1.4119 key support later today, a break below this level will confirm the cycle top, and indicate that the short term uptrend from 1.3832 has completed at 1.4304 level already, and then deeper decline could be seen to 1.3900 zone. However, as long as 1.4119 support holds, the pair remains in uptrend from 1.3832, one more rise to re-test 1.4338 resistance is still possible.


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