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Forex4you Technical Analysis 28 December 2012

EUR/USD: consolidation unfolding

Eurodollar has stopped rallying and is in a consolidation phase. Currently it is falling within its range and it will probably fall further to the range lows at about 1.3145. There is a possibility the consolidation will continue unfolding and then break higher, with 1.3500 providing the next upside target for the pair, alternatively deeper declines could see it fall to support at 1.3119.

Analysis by: Joaquin Monfort
Forex4you analyst

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