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EURUSD remains in downtrend from 1.3333

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 29, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD remains in downtrend from 1.3333, and the bounce from 1.2587 is treated as consolidation of downtrend. Resistance is at the upper border of the falling price channel, as long as the channel resistance holds, downtrend is expected to continue and next target would be at 1.2500 area. However, a clear break above the channel resistance will indicate that a cycle bottom is being formed on 4-hour chart, then further rise towards 1.2921 key resistance could be seen.

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