Forex4you Technical Analysis 03 November 2011

Nov. 03, 2011 8:09 AM ET
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EUR/USD: Technical Analysis
Eurodollar has bounced sharply and it will probably continue rallying until it has reached resistance from the R1 pivot and the recent highs at 1.3835 – with to 50% fib line at 1.3925 as the next target if it continues. This is probably a counter-trend correction, however, and the pair should eventually roll-over and begin a new wave formation down, which should surpass the 1.3607 lows and probably reach channel-line support at 1.3535 eventually.
Analysis by: Joaquin Monfort
              Forex4you analyst
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