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EURUSD stays within a downward price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 26, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD stays within a downward price channel on 4-hour chart, and remains in downtrend from 1.3519. Key resistance is now located at the upper line of the channel, as long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.2900 area. On the upside, a clear break above the channel resistance will suggest that a cycle bottom has been formed at 1.3018, and the downtrend from 1.3519 has completed, then another rise towards 1.4000 could be seen.

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