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EURUSD is facing channel support

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 28, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD is facing the support of the lower border of the price channel on 4-hour chart. As long as the channel support holds, uptrend could be expected to resume, and rebound would likely be seen after touching the channel. However, a clear break below the channel will indicate that the rise from 1.3837 had completed at 1.4535 already, then the following downward move could bring price back to 1.4000 area.

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