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EURUSD has formed a cycle bottom at 1.2526

Discussion in 'Technical Analysis' started by ForexCycle.com, May 9, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD has formed a cycle bottom at 1.2526 level on 4-hour chart. Range trading between 1.2526 and 1.3000 is expected in a couple of days. As long as 1.3000 level holds, the bounce from 1.2526 is treated as consolidation of downtrend from 1.3691 and another fall towards 1.2329 (Oct 28, 2008 low) is still possible. However, a break above 1.3000 will indicate that the fall from 1.3691 has completed at 1.2526 already, then the following uptrend could take price to 1.3200-1.3400 area.

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