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October 23rd, 2017, 10:01 am | By forexcycle | Published in Daily Technical | Comments on this postComments Off

EURUSD moved sideways in a trading range between 1.1730 and 1.1879. As long as 1.1730 support holds, the side movement could be treated as consolidation of the uptrend from 1.1669 and one more rise towards 1.2029 resistance is still possible. Near term resistance is at 1.1879, a breakout of this level could signal resumption of the uptrend. On the downside a breakdown below 1.1730 support could take price to next support level at 1.1662 (Aug 17 low). Below this level will indicate that the whole upside movement from 1.0340 (Jan 3 low) had completed at 1.2092 already, then further decline towards the resistance-turned-support trend line on the weekly chart could be seen.

EURUSD 4-hour chart

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