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EUR/USD Technical Analysis 04.05.2013

EUR/USD Technical Analysis 04.05.2013

2013-04-05 11:54:00
Ilya Spivak, Head Strategist, APAC
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EUR/USD Technical Analysis– Prices took out falling trend line resistance set from early February after putting in a bullish Harami candlestick pattern, pointing at gains ahead. Buyers now aim to challenge the 1.30 figure and the 23.6% Fibonacci expansion at 1.3139. The trend line, now at 1.2824, has been recast as support. A turn back below that eyes the March 27 low at 1.2750. We have now entered long.

Forex_EURUSD_Technical_Analysis_04.05.2013_body_Picture_5.png, EUR/USD Technical Analysis 04.05.2013

Daily Chart - Created Using FXCM Marketscope 2.0

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--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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