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Alert - The slow honeymoon may be over for EUR/USD

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Alert - The slow honeymoon may be over for EUR/USD

Postby Himanshu » Thu Oct 22, 2015 7:57 am


A few days back we had posted an alert in the blog section indicating that we would expect further decline of EUR/USD though some recovery would be expected before that. You can check that post at:

http://www.forexabode.com/forexblog/forex-fundamentals-and-news/forex-analysis/chart-alert/15-years-of-eurusd-in-a-nut-shell-expect-further-decline/

(You will need to copy and post the link as it is not clickable)

That post was followed with a couple of chart alerts in this forum including the last one at

http://www.forexabode.com/forum/forex-alerts-observations-watch-outs/alert-eur-usd-again-testing-resistance-t5619.html

Well, It seems that the short honeymoon is ended and the pair may go for another decline now.
We would target 1.1260 to 1.1280 support zone first before the fall extends.

Check out the weekly chart which clearly shows that the resistance held till now and much ahead of the 38.2% retracement resistance.

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Let's chaek the daily chart which shows that the earlier resistance which had turned into support seems to be failing:

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Himanshu
 
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