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Forex4you Technical Analysis 06 Feb 2013

Discussion in 'Forex Daily News & Outlook' started by forex4you, Feb 6, 2013.

  1. forex4you

    forex4you New Member

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    EUR/USD: technical update

    EUR/USD has weakened this morning and if it continues lower it will reach the key trend-line at 1.3480-5 and begin to resemble a head and shoulders pattern, with a neckline at 1.3475 and downside target at 1.3230. The overall trend is still up, however, and the current bear move has retraced 61.8% of the previous rally so there is also the possibility of a rally higher from here, with an upside target at 1.3655.

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    Analysis by: Joaquin Monfort
    Forex4you analyst

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