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EURUSD’s downward movement extends to 1.3539

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 31, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD’s downward movement from 1.3832 extends to as low as 1.3539. Deeper decline to test 1.3462 support is possible, as long as this level holds, the fall could be treated as consolidation of the longer term uptrend from 1.2756 (Jul 9 low), one more rise towards 1.4000 is still possible after consolidation. On the downside, a breakdown below 1.3462 support will indicate that the uptrend from 1.2756 had completed at 1.3832 already, then the following downward movement could bring price to 1.2500 zone.

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