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EURUSD pulls back from 1.4327 level

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 16, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    EURUSD pulls back from 1.4327 level. Range trading between 1.4086 and 1.4327 is expected in a couple of days. Near term support is at the rising trend line from 1.3832 to 1.4007 now at 1.4147, and key support is at 1.4086, below this level will indicate that the downtrend from 1.4447 has resumed and next target would be at 1.3800 zone. However, as long as the pair stays above the rising trend line, uptrend will continue and one more rise above 1.4327 to reach the next short term cycle top on 4-hour chart is possible.


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