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EURUSD formed a cycle bottom at 1.3443

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 22, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD had formed a short term cycle bottom at 1.3443 level on 4-hour chart. Another bounce to test 1.3838 key resistance is expected later today. As long as this level holds, the price action from 1.3585 is treated as consolidation of downtrend from 1.4579, and one more fall towards 1.3400 area is still possible. However, a break above 1.3838 resistance will indicate that the downward movement from 1.4579 has completed at 1.3443 already, then further rally could be seen to 1.4000 or even 1.4500.

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