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EURUSD's rise extended to 1.3642

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 9, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    EURUSD's rise from 1.3477 extended to as high as 1.3642. The uptrend could be expected to continue, and the target would be at the upper line of the price channel on 4-hour chart. However, the rise would possibly be consolidation of the downtrend from 1.3892 (Dec 27, 2013 high), as long as the channel resistance holds, one more fall to 1.3400 area is still possible. Support is at 1.3550, a breakdown below this level could signal resumption of the downtrend.

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