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European Forex Technicals: Bull Trend In GBP To Continue
7 Feb 2011, 08:22
By Francis Bray
A DOW JONES NEWSWIRES COLUMN
Intraday EUR/USD: the corrective recovery off 1.3543 is likely to stall and renewed bear pressure is expected on Friday's 1.3543 low. Last week's gravestone doji candle is behind the latest downside threat and support from the top of the weekly Ichimoku cloud at 1.3510 is likely to be called into action. The 38.2% Fibonacci retracement level of the 1.2860/1. 3862 rally lies just beneath, at 1.3479. Only a break above Friday's spike high at 1.3680 would put bulls in control of the near-term, opening 1.3700 and 1.3770.
Weekly chart EUR/USD trend: Bearish.
;-|
European Forex Technicals: Bull Trend In GBP To Continue
7 Feb 2011, 08:22
By Francis Bray
A DOW JONES NEWSWIRES COLUMN
Intraday EUR/USD: the corrective recovery off 1.3543 is likely to stall and renewed bear pressure is expected on Friday's 1.3543 low. Last week's gravestone doji candle is behind the latest downside threat and support from the top of the weekly Ichimoku cloud at 1.3510 is likely to be called into action. The 38.2% Fibonacci retracement level of the 1.2860/1. 3862 rally lies just beneath, at 1.3479. Only a break above Friday's spike high at 1.3680 would put bulls in control of the near-term, opening 1.3700 and 1.3770.
Weekly chart EUR/USD trend: Bearish.
;-|
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2011-02-07_08h22_European Forex Technicals - Bull Trend In GBP To Continue.pdf
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