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Thread: Daily Forex Analysis January 5, 2010

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    Default Daily Forex Analysis January 5, 2010

    EURUSD Analysis.
    EURUSD continues its rang trading between 1.4218 and 1.4457. As long as 1.4457 resistance holds, one more fall towards 1.4100 is still possible. However, above 1.4457 will indicate that the fall from 1.5144 has completed at 1.4218 already, then further rally could be seen to 1.4500 or even higher.
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    EURUSD Analysis.
    EURUSD might be forming a short term cycle top at 1.4555 level on 4-hour chart. Another fall to test key support at 4370 would more likely be seen later today, a break below this level will confirm the cycle top, then deeper decline towards 1.4218 could be seen. Resistance is at 1.4555, only rise above this level could signal further rally to 1.4650-1.4700 area.
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