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Technical Analysis
ForexTechnical Analysis
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[QUOTE="FXGLORY, post: 48873, member: 15342"] [B][COLOR="Blue"]Technical analysis of EUR/USD dated 29.07.2013[/COLOR][/B] As it was mentioned in the previous technical analysis of this currency pair dated 10.07.2013, according to the formed technical signs, there was the potential for ascending of price which finally happened. Buyers were successful in achieving the highest price of 1.32958. Right now in weekly, daily and 4H time frames price is above 5-day moving average which shows consistent ascending trend. As it is obvious in the picture below, price has been stopped from more ascending with reaching to the descending trend line made of several resistance points (buyers leave their trades) and with creating the top price of 1.32958, the field has been prepared for descending. RSI indicator is in saturation buy area and in divergence mode with the price chart and confirms the top price and warns about changing price direction during the next candle. The first warning for descending of price is breaking of the conversion level of 1.32526 (resistance to support) or breaking of ascending trend line (made of 3 bottom prices, obvious in the picture below) in this currency pair. [CENTER] [IMG]http://blog.fxglory.com/wp-content/uploads/2013/07/eurusdh41.jpg[/IMG][/CENTER] [B][COLOR="Blue"]FxGlory 2013.07.29[/COLOR][/B] [/QUOTE]
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