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Forex4you Technical Analysis 10 Feb 2011

EUR/USD: Technical Analysis

The price rose above level 1.3700, but it failed to hold there, so it retraced downwards and it currently resides at level 1.3630/20. Indicators are chenging their direction, and now they are more turned down. However, until the trend line (blue) of the upper channel is breached, the "bullish" trend has to be considered as dominating and reversal to growth in the near future is seen as the most possible scenario. If so, growth to 1.3900/10 is also a probability. However, a downward movement can still take place, but only as a part of further consolidation within the ranges 1.3700-1.3530. Sentiment in the market is likely to change towards the "bearish" only if trades fall below 1.3500. The final signal to the "bearish" victory will be support range 1.3450/60 -1.3400 breakout.



Analysis by: Forex4you.com written by Forex4you analyst

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