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EURUSD stays below a falling trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 20, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    EURUSD stays below a falling trend line on 4-hour chart and remains in downtrend from 1.5140. As long as the trend line resistance holds, downtrend could be expected to continue and next target would be at 1.4150-1.4200 area. Key resistance is now located at 1.4450, only rise above this level could indicate that a short term cycle bottom has been formed at 1.4261, then correction of downtrend could be seen to follow.


    Daily Forex Analysis

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