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Forex4you Technical Analysis 12 Mar 2013

Discussion in 'Forex Daily News & Outlook' started by forex4you, Mar 12, 2013.

  1. forex4you

    forex4you New Member

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    EUR/USD: reversal a possibility

    Eurodollar is in a sideways consolidation with support in the 1.29s. The target for the head and shoulders top has pretty much been met so it is possible a reversal could develop, with a definitive break above 1.3055 signalling a breakout from the channel and possible resumption of mid-term up-trend and initial target at 1.3133. The pair remains in its down-sloping channel, however, so more weakness is also very possible, with a break below 1.2945 signalling a probable move down to 1.2815 where the monthly pivot is situated.

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    Analysis by: Joaquin Monfort
    Forex4you analyst

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