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Forex4you Technical Analysis 9 May 2011

Discussion in 'Technical Analysis' started by forex4you, May 9, 2011.

  1. forex4you

    forex4you New Member

    Jul 13, 2010
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    EUR/USD: technical analysis
    The EUR/USD pair has temporarily bottomed and today price has rebounded. At its current 1.44 level the rise has encountered sturdy resistance from the underside of the trendline for the move up from the January lows, the trendline down from the highs and the 23.60% Fibonacci line. It is possible it could resume its downtrend from here reaching a shelf of support at around 1.4250. However, the point and figure charts, are showing a cluster of bullish price targets at around 1.4500, indicating the possibility of a break higher, to perhaps the resistance line situated there or slightly above.


    Forex | Foreign Exchange
    Analysis by: Joaquin Monfort
    Forex4you analyst

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