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Technical Analysis for EURUSD 17 Feb 2010 |
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Written by Administrator
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Wednesday, 17 February 2010 |
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EURUSD Forecast:
The EURUSD had a significant bullish correction movement yesterday,
topped at 1.3778 and closed at 1.3765. On h4 chart below we can see
that my falling wedge formation has been violated to the upside
confirming further bullish correction targeting 1.3850 before testing
1.4030 area. However, note that the major bearish scenario should
remains intact as long as price is moving inside the bearish channel
and the current bullish momentum should be seen just as corrective
movement. Immediate support at 1.3675. Break below that area could be a
potential threat to the bullish correction scenario testing 1.3585
area.
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