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The pair keeps on trading along an uptrend. It is currently bouncing off trend’s higher boundary though. At the same time resistance level 1.4640 is being formed. Nearest key resistance up from that level is seen at 1.4720, therefore as long as the pair is trading below that mark, the uptrend will be bounded by current levels. We can expect the pair to continue rising if it eventually gets over resistance 1.4720, and then it is supposed to reach resistance 1.5000. Support cloud is seen around marks 1.4430–1.4485. If the pair goes under those levels, a downtrend will start with the downside target set at support 1.4235, which touches the lower bound of the red up-trending channel. Should the pair also drop below level 1.4235, it will head towards levels 1.3975–1.4050.
He started to study FOREX market in 2003. Since 2007, he started to offer analytical forecasts
for the major currency pairs and for gold prices in order to better understand the market and
to assist to traders to identify the main key market levels.
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