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EURUSD has formed a short term cycle top at 1.3738 on 4-hour chart. Consolidation in a range between 1.3250 and 1.3738 is expected in next several days. Key support is at 1.3250, a break below this level will indicate that the rise from 1.2456 (Mar 4 low) has completed at 1.3738 already, and then deeper decline could be seen to 1.2700-1.2800 area. However, as long as 1.3250 key support holds, we’d expect uptrend to resume, and one more rise towards 1.4300 is still possible.
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