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Forex4you Technical Analysis 13 March 2012

EUR/USD: Technical Analysis

Earlier forecasts, expecting correction to continue and reach 1.3180 level, confirmed. The level turned out to be a strong resistance, so the price recommenced its decline and now resides at 1.3130/20 level. Indicators are "bearish" again, giving reasons to anticipate a reversal down. On the other hand, this "bearish" scenario will be possible only if the price falls below 1.3100 level. Medium-term outlook suggests the next targets to be found at 1.3030 and 1.2970/60 levels and lower. Growth above 1.3380 will indicate the change of sentiment towards the "bullish".

Analysis by: Arkady Nagiev

Forex4you analyst

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