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Forex4you Technical Analysis 14 March 2013

EUR/USD: 1.29 still supporting

Eurodollar sold off yesterday reaffirming the short-term down-trend as it continues making lower lows and lower highs. It also retracted back into its descending channel after temporarily breaking out. Nevertheless it failed to break the key support level from the September and October '12 highs. The target from the H&S top is met so there is potential for a bounce. Volume on yesterday's spike-down was weak and a rise back up to the range highs at around 1.3080 is possible. Alternatively a decisive move below the 1.2920 lows might signal the next leg down to 1.2815.

Analysis by: Joaquin Monfort
Forex4you analyst

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