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EURUSD remains in downtrend from 1.4843

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 4, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    EURUSD remains in downtrend from 1.4843 and the fall extended further to as low as 1.4484 level. Deeper decline to 1.4450-1.4480 area to reach the next short term cycle bottom is possible, and the next cycle bottom is nearing. Key resistance is located at 1.4673, a breakout of this level will indicate that a cycle bottom has been formed on 4-hour chart and the downtrend from 1.4843 has completed, then the following uptrend could bring price back to test 1.4843 previous high resistance.


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