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EURUSD is facing channel resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 28, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD is facing the resistance of the upper line of the price channel on 4-hour chart, a clear break above the channel resistance will indicate that the fall from 1.3201 had completed at 1.2955 already, then the following upward movement could bring price to 1.3500 area. However, as long as the channel resistance holds, the downtrend from 1.3201 could be expected to resume, and one more fall to 1.2900 area to complete the downward movement is still possible.

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