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Forex4you Technical Analysis 24 June 2011

Discussion in 'Technical Analysis' started by forex4you, Jun 24, 2011.

  1. forex4you

    forex4you New Member

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    EUR/USD: strongly counter-trending
    The EUR/USD has fallen heavily but yesterday evening it reached support and bounced. The bounce has taken it to 1.4300 and it will probably go even higher. The 0.0005x3 point and figure chart is showing two bullish upside targets: one at 1.4320 and the other at 1.4405. There is also the possibility that the support and resistance line at 1.4275 could halt the rally. However, the principle trend is still down and eventually the main bear trend should prevail and resume its descent.

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    forex trading malaysia
    Analysis by: Joaquin Monfort
    Forex4you analyst

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