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EURUSD remains in uptrend from 1.1876

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 23, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    EURUSD remains in uptrend from 1.1876 and the fall from 1.3028 is treated as consolidation of uptrend. Support is now at 1.2732, as long as this level holds, another rise to 1.3200-1.3300 is still possible next week, and a break above 1.3028 will signal resumption of uptrend. However, below 1.2732 will suggest that lengthier consolidation of uptrend is underway, then pullback toward the uptrend line from 1.1876 to 1.2150 is expected.

    For long term analysis, EURUSD formed a cycle bottom at 1.1876 level on weekly chart. Bounce towards 1.4000 is expected in next several months.


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