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EUR/USD 01.04
Written by article default Tuesday, 04 January 2011 14:34
EUR/USD:The market has mostly been locked in a choppy consolidation over the past several days, but a lower top looks to have carved out by 1.3500, with a break back below 1.2970 over the coming sessions to confirm and open the next major downside extension towards the 1.2585 platform base from August 2010. As such, any intraday rallies above 1.3400 should be used as formidable sell opportunities. Only a close back above 1.3500 negates bearish outlook. Monday’s break back below Friday’s low sets up a potential bearish reversal day and encourages bias.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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