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EURUSD pulls back from 1.4447 level

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 7, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    Being contained by the upper border of price channel on daily chart, EURUSD pulls back from 1.4447 level. Now the rise from 1.3748 is more likely a part of consolidation started from 1.4338. Further fall is in favor next week and a break down below 1.4007 level will confirm that the uptrend from 1.3748 has completed at 1.4447 level already, then deeper decline could be seen to test 1.3748 previous low support. Near term resistance is at 1.4447, only rise above this level will signal further rally to 1.4700 zone.

    For long term analysis, EURUSD remains in long term uptrend from 1.2456, further rise to 1.5000 zone is expected in next several weeks.


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