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EURUSD remains in downtrend from 1.3700

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 21, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    EURUSD remains in downtrend from 1.3700, the rise from 1.3490 is likely consolidation of the downtrend. Resistance is 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 continue, and next target would be at 1.3300 area. On the upside, a clear break above the channel resistance will indicate that the downward movement had completed at 1.3490 already, then further rally to 1.3670 area could be seen.


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