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Double Top?

Fri, Mar 28 2008, 15:03 GMT
by Tatsuya Kawanishi

FXstreet.com


The EUR/USD 60 minutes chart shows a “Double Top Pattern” where a correction could be seen from there. We have seen the strong EUR again this week. The week high was 1.5859 ( Mar 26 ), while the week low was 1.5360 ( Mar 24 ). The pair has fluctuated in a range of 500 pips. Now the pair seems have difficulty in breaking throught the blue resistance line. Macd is positive but declining gradually. If the pair climes up around the blue line, that would be a good entry for short. Also, a break of 1.5720 could be a trigger for an entry. 1.5520 and 1.5360 would be considered as a good target if we see further bearish momentum.


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