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EURUSD is testing support of uptrend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 4, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD is testing the support of the uptrend line from 1.3267 to 1.3384, as long as the trend line support holds, we’d expect uptrend to resume and another rise towards 1.3817 previous high is still possible. However, a clear break below the trend line support could indicate that a cycle top has been formed at 1.3590 level on 4-hour chart and the rise from 1.3267 has completed, then the following downtrend could take price back to re-test 1.3267 support.

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