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EUR/USD: Down-Move Rotating Technical Analysis 17th April 2014

EUR/USD has recovered and started to move higher. It has broken above the key highs at 1.3833 and a resumption of the up-trend looks probable from here, although a move above 1.3851 would provide a clearer sign, and see an extension up to 1.3880, closing Monday's still-open gap in the process. The weekly chart still looks very bullish with that long engulfing candle last week, and the hold above the 2008 major trend-line. The short-term trend is less clear, but a move above 1.3851 would, I think, re-establish the up-trend as dominant short-term.

(click to enlarge)Click to enlarge

Analysis by: Joaquin Montfort LigaForex Analyst

EURUSD Analysis - 17th April 2014