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Forex4you Technical Analysis 12 August 2011

Discussion in 'Forex Daily News & Outlook' started by forex4you, Aug 12, 2011.

  1. forex4you

    forex4you New Member

    Jul 13, 2010
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    EUR/USD: trading in range
    The EUR/USD exchange rate is trading within a range and it has recently bounced from the lows and begun climbing till it has found resistance at the monthly pivot at 1.4237. It is possible it could resume its descent with the lows at 1.4125 targeted again, but a break above the pivot would indicate the probability of a rally to 1.4295 and then 1.4400. ADX is at record lows of 12.29 indicating the likelihood of a breakout on the horizon and a phase of strong directional movement.

    Analysis by: Joaquin Monfort
    Forex4you analyst

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