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EURUSD: A Top in Place Below 1.35?
Written by article default Monday, 27 September 2010 12:28
EURUSD ended last week just below major resistance at 1.3512, the 50% Fibonacci retracement of the Nov'09 - Jun'10 decline. Near-term positioning hints a top may be taking shape, with the 4-hour chart showing clear negative RSI divergence. I will look for confirmation of a reversal on break below 1.3329, the lower boundary of a rising channel that has guided prices higher since the beginning of the month.Click here to learn more about DailyFX.