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Forex Analysis

11/27/2013 10:11:00

EUR/USD still tries to pull back to the former price channel

Price action for the EUR/USD has been interesting in recent weeks.

The latest rebound is taking the currency pair to test the bottom of a bullish price channel that was left behind in early November. The EUR/USD is constantly trying to pull back to the new resistance level, formery support, but has not been able to put together a breakout.

There is a potential resistance level at 1,3620-1,3625, which is the 61.8% retracement of the prior correction. However, we remain long this currency pair as long as it trades above the support at 1.3290.

José María Rodríguez 

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