Technical Trading Update Jan 25 2011
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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.3605
Overview – 4 hour retracement trend has moved up nicely from the 1.2900 area to the upper 1.3600’s. Now looking for a potential break of the 4 hour trend line to begin falling again.
Resistance – 1.3685 / 1.3745 / 1.3797 / 1.3866 / 1.3949
Support – 1.3576 / 1.3490 / 1.3413 / 1.3279 / 1.3185
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GBP/USD – Current 1.5770
Overview – Large reaction to news