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EURUSD stays above trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 7, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD stays above the rising trend line on 4-hour chart, and remains in uptrend from 1.3969. Key support is now at 1.4557, as long as this level holds, uptrend could be expected to continue, and next target would be at 1.4750 area. However, a breakdown below 1.4557 will indicate that a cycle top has been formed, and the rise from 1.3969 has completed, then the following downward move could bring price back towards 1.3500.

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