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EURUSD rebounded from 1.4754

Discussion in 'Technical Analysis' started by ForexCycle.com, May 3, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being supported by the price channel on 4-hour chart, EURUSD rebounded from 1.4754, suggesting that a cycle bottom is being formed. Now the bounce from 1.4754 would possibly be resumption of uptrend from 1.4157. further rise would likely be seen later today, and next target would be at 1.5000. Only a clear break below the channel support will indicate that lengthier consolidation of uptrend is underway, then pullback to 1.4600 area is expected.

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