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EURUSD stays within a downward price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 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 1.3201. Resistance is at the upper line of the channel, as long as the channel resistance holds, the downward movement could be expected to continue, and deeper decline to 1.2900 are is still possible. On the upside, a clear break above the channel resistance will suggest that the fall from 1.3201 has completed, then another rise towards 1.3500 could be seen.

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