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EURUSD’s bounce extends to 1.2297

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 14, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    EURUSD’s bounce from 1.1876 extends to as high as 1.2297 level. Now the pair is facing the upper boundary of the price channel on 4-hour chart. Key support is now at 1.2100, as long as this level holds, one more rise to test the channel resistance is possible, a clear break above the channel resistance will suggest that the fall form 1.3817 (Mar 17 high) has completed at 1.1876 already. However, pullback would more likely be seen before breaking above the channel resistance, and a breakdown below 1.2100 key support will indicate that a cycle top has been formed and the bounce from 1.1876 has completed, then another fall towards 1.1800 could be seen.


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