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EUR/USD Classical Technical Report 08.29
Written by article default Monday, 29 August 2011 08:11
EUR/USD: The market has finally broken out of a multi-week triangle formation with the push above 1.4535 on Monday ending a sequence of lower tops since the market peaked in April. Technically, the move is bullish with the break implying additional upside and potentially exposing an eventual retest of the 1.5000 area. However, we would also not dismiss the possibility of a false break at this early juncture, with the market reversing sharply back below 1.4500 and accelerating to the downside. At the moment, we will stand aside to see how the market trades over the coming days.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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