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EURUSD is facing trend line resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Mar 24, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    EURUSD is facing the resistance of the downward trend line on 4-hour chart. A clear break above the trend line resistance will indicate that the downtrend from 1.3711 (Feb 1 high) had completed at 1.2843 already, then the following upward movement could bring price to 1.4000 zone. On the downside, as long as the trend line resistance holds, the rise from 1.2843 would possibly be consolidation of the downtrend, one more fall to 1.2700 area to complete the downward movement is still possible.


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