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EURUSD is testing 1.3743 key resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 20, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    EURUSD is testing 1.3743 key resistance, a break above this level will indicate that the fall from 1.3861 has completed at 1.3428 already, then further rise towards 1.3861 previous high could be seen. However, as long as 1.3743 resistance holds, the bounce from 1.3428 could possibly be correction of downtrend from 1.3861, and another fall to 1.3300 area is still possible. Support is at the rising trend line on 4-hour chart, now at 1.3568, a clear break below the trend line support could signal resumption of downtrend.


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