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EUR/USD Finding Support Near 50% Retracement Level

January 6, 2013 12:16 am GMT+0  in Chart Alert

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EUR/USD had a strong upward jump during November 13th and December 19th. Subsequent to that the current pair had fallen into a sideways mode. The recent fall had broken the 38.2% retracement as well as 55-day EMA supports. These both supports were almost at the same level. The current support is coming near 50% retracement of the same move. In case this support (near 1.2984/1.2980) breaks then the next support of 61.8% retracement is near 1.2908. Please check the following daily chart of EUR/USD.

EUR/USD daily chart

EUR/USD Daily Chart - support near 50 percent retracement level

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Himanshu, by qualification a mechanical engineer with diversified experience of working in Europe and Asia Pacific, has been trading in Forex market for close to a decade. Himanshu also runs one of the fastest growing Forex portal ForexAbode.com which provides free Forex trading analysis, forecast & strategies, free trading tools, education, Forex Blogs and Forex Forum and contributes the analysis to financial and Forex websites like SeekingAlpha.com, MarketOracle.co.uk, ForexStreet.net, CountingPips.com, International Business Times and some more. Contact details: You may please leave your suggestions, comments or complaints using the comment form or write to us using the Contact Us page. You may also connect the author on Google at +Himanshu Jain

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