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EURUSD remains in uptrend from 1.3055

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 3, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD remains in short term uptrend from 1.3055, the fall from 1.3423 is likely consolidation of uptrend. Another rise to test 1.3497 resistance is still possible, a break above this level will indicate that the longer term downtrend from 1.4281 (Nov 4, 2010 high) had completed at 1.2969 already, then further rally could be seen to 1.3700 area. Initial support is at 1.3250, below this level will indicate that a cycle top had been formed at 1.3423 on 4-hour chart, then the following downward move could bring price to 1.3000 area.

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