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EUR/USD: Selling the rally
Tue, Nov 3 2009, 12:34 GMT
by Valeria Bednarik
FXstreet.com Independent Analyst Team
After breaking key support level at 1.4700 area, and reaching extreme over sold conditions in the hourly chart, pair is attempting an upside correction, that should reach 1.4680/1.4700 the most. If pair failure to break higher, I would be selling around that level watching again for the daily lows. Also, a break under 1.4610 with strong price acceleration and high volume will suggest more downside for today, and pair should approach to the 1.4550 strong support zone.
Watch for U.S. indexes also, as a break under yesterday’s low (very close to current futures levels), could accelerate the fall.

Published on
Tue, Nov 3 2009, 12:35 GMT
Archive
- AUD/USD: acceleration expected
Published On Fri, Nov 20 2009, 13:27 GMT
- EUR/USD: Waiting the break
Published On Thu, Nov 19 2009, 12:47 GMT
- USD/CAD: Commodities are the key
Published On Wed, Nov 18 2009, 12:39 GMT
- EUR/USD: Under fundamental pressure
Published On Tue, Nov 17 2009, 12:40 GMT
- GBP/USD: Pound well bid
Published On Mon, Nov 16 2009, 12:20 GMT
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Note: All information on this page is subject to change. The use of this website constitutes acceptance of our
user agreement. Please read our
privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
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