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Published On: Wed, Oct 29th, 2014

EUR/USD – Technical Analysis (29.10.2014)

Next target for the EUR/USD is 1.2840, followed by the key 1.2885. Crucial support for the continuation of the corrective movement is the 1.2680 support.

As forecasted yesterday, the EUR/USD tested the 1.2740 resistance and is currently consolidating around that level. Next target is 1.2840, followed by the key 1.2885. Crucial support for the continuation of the corrective movement is 1.2680.

Even though the short-term picture is positive, it should be kept in mind that the forex pair has been trading in a strong bearish trend. Failure at 1.2885 will signal a renewal of the EUR/USD bearishness.

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