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EURUSD Technical Update November 1st 2012
URUSD has retraced from the 1.3020 range highs printed yesterday and has been as low as 1.2924 during trading today. The 1.3000 area has once again held as a pivot with price failing to print a 4 hour candle close above this point when referencing the chart below. The broken trend line resistance area has now acted as initial support today after price hit the confluence of a trend line re-test and 61.8% Fibonacci retrace. These technical levels often come into play when the news doesn’t provide a big enough catalyst to drive market sentiment and range trading ensues. It may now be a case of consolidating price ... (full story)