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Technical Analysis for EURUSD Daily Forecast: February 25 |
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Written by Administrator
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Thursday, 25 February 2010 |
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EURUSD Forecast:
The EURUSD attempted to push higher yesterday, topped at 1.3625 as a
temporary reaction after The Fed decided to keep the interest rate low
but further bullish momentum was rejected as price closed lower at
1.3539. This fact should keep the bearish scenario intact. On
h4 chart below we can see price is now testing the minor trendline
support (yellow).
Break below that trendline should trigger further
bearish momentum testing 1.3444 – 1.3400 area. Immediate resistance at
1.3580 area. Break above that area could trigger further bullish
correction but overall I still prefer a bearish scenario with sell on
rallies strategy.
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