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EURUSD’s upward move extended to 1.3456

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 16, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    EURUSD’s upward move from 1.2874 extended to as high as 1.3456 last week. Support is at 1.3300, as long as this level holds, one more rise to test 1.3497 resistance is still possible, a break above this level will indicate that the longer term downtrend from 1.4281 (Nov 4, 2010 high) had completed at 1.2874 already, then the following upward movement could bring price back towards 1.4281 previous high. On the downside, below 1.3300 will suggest that a cycle top is being formed at 1.3456 level on 4-hour chart, then pullback to 1.3200 area could be seen.


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