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Forex4you Technical Analysis 02 May 2012

EUR/USD: Technical Analysis

The eurodollar pair has fallen in another leg lower after reaching the 1.3285 highs yesterday. It will probably continue lower to a lower channel-line at 1.3150 where it may consolidate - or recover perhaps to 1.3200. A deeper sell-off might see us retest the neckline of the large head & shoulders pattern on the daily chart, and a break below that would see us well on our way into sub one-thirty territory.

Analysis by: Joaquin Monfort
Forex4you analyst

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