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Euro Resistance at 13550
Written by article default Friday, 24 September 2010 13:05
Daily Bars
“The EURUSD has broken out to levels not seen since April and is probably headed much higher in the next several weeks – perhaps to the 100% extension of the 11875-13340 rally, at 14140.” I wrote yesterday that “support extends down to 13270/85 (post FOMC spike high). If this breakout is valid, price should stay above 13160.” The EURUSD low last night was 13285 and the pair is at a new high now. A level that should provide resistance is 13540/50, which is both the 61.8% extension of the rally from 11875 and the 261.8% extension of the 12590-12922 advance.
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