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Forex4you Technical Analysis 6 June 2011

Discussion in 'Technical Analysis' started by forex4you, Jun 6, 2011.

  1. forex4you

    forex4you New Member

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    EUR/USD: sideways move
    The EUR/USD is consolidating within a persistent uptrend. Currently it is attempting to break down lower. The next target down would be 1.4555. If, however, it recovers then I would expect it to reach the top of the range at 1.4660 – with a breakout potential to 1.4705. The smallest P&F chart is also showing a count lower to 1.4550. The 0.001x3 meanwhile is showing an upside target of 1.4820. One possible interpretation of ths mix is that there will be a pullback to support at 1.4550 before the overall uptrend resumes and goes to 1.4700.

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    Forex | [​IMG]
    Analysis by: Joaquin Monfort
    Forex4you analyst

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