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Forex4you Technical Analysis 31 January 2013

EUR/USD: consolidation in uptrend

The EUR/USD pair has formed another sideways consolidation. Given the overall trend is up it will probably break higher. The next target is at 1.3625, followed by 1.3750 where resistance from a grouping of pivots kicks in. The cluster of lines at 1.3530 underpin current price action and any move down will probably find support there too.

Analysis by: Joaquin Monfort
Forex4you analyst

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