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EUR/USD's Pullback Tests Broken Support as Resistance

Autore: Written by ActionForex.com




1H: The market continued the correction rally as anticipated in yesterday's video update where wave c was possibly developing. The market rose slightly past the swing projection suggested by a near-term positive reversal.

Now we have this rally test an important powerline at the 78.6% retracement or 1.3350 level. This is also where the previous consolidation support was broken.

If the market tops off here, we have another negative RSI reversal. Note that the momentum has shown sequentially stronger retracements, but price action has not been able to make higher pivots.

Look for a top near 1.3350. If a strong bearish candle follows, a swing towards 1.3050 is likely.

4H: If the market breaks the rising trendline seen in the 1H time-frame, we may continue another bearish swing as suggested by the negative RSI reversal here. Note there has been sequentially stronger attempts at a rally, but they did not reflect higher pivots in price action - a sign of weakness, but also a sign of momentum building. However, timing for a bullish outlook is therefore premature, but that there may be a bottom soon is widely shared

Capital Market Services, L.L.C.

©C2004-2005 Globicus International, Inc. and Capital Market Services, L.L.C. Any information in this report is based on data obtained from sources considered to be reliable, but no representations or guarantees are made by Capital Market Services, L.L.C. with regard to the accuracy of the data. The opinions and estimates contained herein constitute our best judgment at this date and time, and are subject to change without notice. Capital Market Services, L.L.C. accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this report. No part of this report may be reproduced or distributed in any manner without the permission of Capital Market Services, L.L.C.


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