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Forex4you Technical Analysis 13 Mar 2013

Discussion in 'Forex Daily News & Outlook' started by forex4you, Mar 13, 2013.

  1. forex4you

    forex4you New Member

    Jul 13, 2010
    Likes Received:
    EUR/USD: channel breakout

    We have now had a break out of the channel, although there has been limited follow-through. The bounce from Friday's lows continues to rise slowly and there is a possibility now – since the channel breakout - of a continuation eventually up to the target at 1.3180. The price pattern stretching back over a week looks potentially like a reversal enhancing bullish outlook. A bundle of resistance at 1.3115 impedes but a decisive break above the 1.3071 highs would add bullish confirmation. For bears to get interested I'd be looking for a break below 1.2945, with 1.2815 indicated as a downside target.


    Analysis by: Joaquin Monfort
    Forex4you analyst

    Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

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