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EURUSD’s bounce extended to 1.3423

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 2, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD’s bounce from 1.3055 extended to as high as 1.3423. Another rise to test 1.3497 resistance is still possible later today, a break above this level could indicate that the fall from 1.4281 has completed at 1.2969 already, then the following upward move could bring price towards 1.4281 previous high. However, as long as 1.3497 level holds, the price action from 1.2969 is treated as sideways consolidation, a break below 1.3250 could trigger another fall to 1.3000 area.

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