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Forex4you Technical Analysis 17 October 2012

EUR/USD: Technical Analysis

Eurodollar has started to consolidate in a range at the highs. It will still probably rise higher with a decisive break above the top of the range at 1.3125 leading to a probable run up to the old highs and the monthly pivot resisting at 1.3175. However, there is also the possibility the pair may correct back given signs of exhaustion on the 4-hr chart, and a move below the range at 1.3084 could see a breakdown to resistance-turned-support at 1.3045.

Analysis by: Joaquin Monfort

Forex4you analyst

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