Sunday, June 05, 2011

EURUSD Resumed Uptrend

The updated EURUSD daily chart above shows that the long term support area discussed in a previous post built the base for the renewed uptrend which set off right on the monthly cycle time. The next target should be the previous highs just below 1.50 and perhaps higher later on.

Nevertheless, we should check if the broken uptrend (now around 1.47) poses strong resistance. Failing to break higher could turn extremely bearish.

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