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EURUSD pulled back to 1.0650

After touching the top of the price channel on daily chart, EURUSD pulled back to 1.0650, indicating that the pair remains in downtrend from 1.1616 (May 3, 2016 high), and the rise from 1.0340 could be treated as consolidation of the downtrend. Further decline could be expected over the next several weeks, and next target would be at 1.0400 area. Key resistance is now at 1.0906, only break above this level could signal completion of the downtrend.

EURUSD chart

By ForexCycle.com

 

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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