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EURUSD drops from 1.4194 level

Franco Shao from ForexCycle.com at 01/27/10


Being contained by the falling trend line on 4-hour chart, EURUSD drops from 1.4194 level. However, sideways movement could still be seen later today and one more bounce towards1.4250 resistance is still possible. Initial support is at 1.4029, a breakdown below this level could indicate that the downtrend from 1.4579 has resumed, then deeper decline could be seen to 1.3800 area.

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