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January 23rd, 2009, 3:14 am | By forexcycle | Published in Daily Technical | Comments on this postNo Comments »

EURUSD consolidates in a narrow range between 1.2824 and 1.3085. Deeper decline is still possible after consolidation, and a break below 1.2824 will signal further fall to 1.2650 zone. Initial resistance is at 1.3085, and key resistance is at 1.3385, a break above this level will indicate that the medium term downtrend from 1.4719 has completed, and the following rebound will take price to 1.4000 zone.

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forexcycle Forex Cycle. See more Forex Analysis from forex cycle.

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