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EURUSD pulled back from 1.4517

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 17, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being contained by 1.4535 resistance, EURUSD pulled back from 1.4517, suggesting that a cycle top is being formed on 4-hour chart. Pullback to test 1.4325 key support would likely be seen later today, a breakdown below this level will confirm that cycle top, and indicate that the rise from 1.4055 has completed, then another fall towards 1.3900 could be seen to follow. On the upside, a break above 1.4535 resistance will signal resumption of the longer term uptrend from 1.3837, then next target would be at 1.4700-1.4800 area.

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