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Daily Forex Update: EUR/USD

Published 07/11/2013, 06:39 AM
Updated 03/09/2019, 08:30 AM
EUR/USD
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GUID
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EUR/USD is set to rise toward the target level 1.2995 in the next 4 trading days (point B on the following trade opportunity alert for this currency pair). This point corresponds to the last reversal point of the upper resistance trendline of the 4-hour Down Channel which has been recently identified by Autochartist. The price recently reversed up from the support zone near the bottom of this Down Channel made out of the support price 1.2800 (which previously reversed the pair up in March and May of this year), the lower weekly Bollinger Band as well as the support trendline of the weekly Triangle from November of 2012 (as you can see on the next chart below).
<span class=EUR/USD" width="600" height="368">
The following weekly EUR/USD chart shows the aforementioned support levels running close to point A:
<span class=EUR/USD 2" width="600" height="680">

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