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EURUSD remains in downtrend from 1.3451

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 4, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD remains in downtrend from 1.3451, the rise from 1.3139 is treated as consolidation of the downtrend. Resistance is now located at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and one more fall towards 1.3000 is still possible. On the upside, a clear break above the channel resistance will suggest that the downtrend from 1.3451 had completed at 1.3139 already, then the following upward movement could bring price to 1.3500 zone.

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