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Euro Rises Against US Dollar, Tops Near-Term Resistance
Tuesday, 04 November 2008 23:31:44 GMT  |  Ilya Spivak, Currency Analyst
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Yesterday, we saw the Euro positioned in a Falling Wedge formation confirmed by divergence with the RSI oscillator. We suggested that this pointed to an imminent bullish correction to offer more advantageous risk-reward parameters for a short position to take advantage of the long term bearish EURUSD trend. Today's price action validated our analysis as the pair broke through Wedge resistance. We will now look for a selling opporunity on a test of the downward-sloping trend line established from the high in mid-July.

11-04-08 EUR update


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