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EURUSD rebounded from 1.3119

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 5, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    Being supported by the lower border of the rising price channel on 4-hour chart, EURUSD rebounded from 1.3119. Range trading between 1.3119 and 1.3261 would more likely be seen later today. Key support is now at 1.3119, as long as this level holds, the price action in the trading range is treated as consolidation of uptrend from 1.2732, and another rise towards 1.3350 is still possible. However, below 1.3119 could indicate that lengthier consolidation of uptrend is underway, then deeper decline could be seen to 1.3000 area.


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