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EURUSD remains in downtrend from 1.1366

EURUSD remains in downtrend from 1.1366, the price action from 1.0518 is likely consolidation of the downtrend. Further decline to test 1.0462 (Mar 13, 2015 low) support is possible, and a breakdown below this level will indicate that the long term downtrend from 1.3993 (May 8, 2014 high) has resumed, then the following downward movement could bring price to 0.9500 zone. Near term resistance is at 1.0873, only break above this level could bring price back to 1.1400 zone.

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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