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EURUSD’s downtrend from 1.4843 extends further to as low as 1.4502 level

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 1, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD’s downtrend from 1.4843 extends further to as low as 1.4502 level. Further fall is still possible later today and next target would be at 1.4450-1.4480 area. Key resistance is now located at 1.4673, as long as this level holds, downtrend from 1.4843 will continue, however, a break above this level will indicate that a short term cycle bottom has been formed on 4-hour chart and downtrend has completed, then the following rebound could take price back to re-test 1.4843 previous high resistance.

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