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EURUSD pulled back from triangle pattern

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 1, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    EURUSD pulled back from the upper border of the triangle pattern on 4-hour chart, suggesting that a cycle top has been formed at 1.4011 level. Deeper decline towards the lower border of the pattern to reach next cycle bottom is possible later today. As long as 1.3698 key support holds, the price action from 1.4152 is treated as consolidation of uptrend from 1.2587 (Aug 24 low) and another rise towards 1.4500 would more likely be seen after consolidation.


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