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Forex4you Technical Analysis 07 July 2011

 EUR/USD: Technical Analysis
 
Wave E continues to progress lower. It has found support at 1.4305 which is the 61.8% fibonacci line and the top of the Ichimoku cloud. From here there is the possibility of a bounce, probably to 1.4350. The down-trend will probably resume eventually, however, with 1.4150 as a probable target.
 
 
Analysis by: Joaquin Monfort
              Forex4you analyst
 
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