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Price rising; short-term trend down

Price rising; short-term trend down | 17 October 2013

17 October 2013, EUR/USD

EUR/USD continues to consolidate in a range, with a short-term bearish bias, but a mid-term bullish bias. Currently price has just broken above its 45° trend-line and fixed an up-count target at 1.3685, however, I have placed this in square brackets because it runs contrary to the short-term trend. A break above the turquoise discretionary trend-line at 1.3570 would, however, add more confirmation, bolstering hope that the move higher could meet its target.

Price rising; short-term trend down

Mark Satcher
Analyst of «FreshForex» company
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