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Forex4you Technical Analysis 16 June 2011

Discussion in 'Technical Analysis' started by forex4you, Jun 16, 2011.

  1. forex4you

    forex4you New Member

    Jul 13, 2010
    Likes Received:
    EUR/USD: continuing to fall
    After yesterday's dramatic sell-off there has been a little bit of a consolidation in EUR/USD, which has bounced and is showing potential to go higher given the convergence with momentum, and it could reach 1.4175 if it continues. Overall, however, the bias is still down and the 0.001x3 point and figure chart is showing a target of 1.3830, although, a closer target would be the 1.4000 level which is key and of which a break below would consitute a very bearish sign.


    Analysis by: Joaquin Monfort
    Forex4you analyst

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