EURUSD Analysis, Daily Forex Analysis, August 4th 2010

By IBTimes Staff Reporter | August 03 2010 10:30 PM

EURUSD stays in a rising price channel and remains in uptrend from 1.2732. Support is at the lower border of the channel, now at 1.3075, as long as the channel support holds, uptrend is expected to continue and next target would be at 1.3350 area. However, a clear break below the channel support could indicate that a cycle top is being formed on 4-hour chart, and the uptrend from 1.2732 is complete, then pullback to 1.3000 area could be seen.

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