EUR with almost no chances of recovery to the upside

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Łódź) - Independent Analyst Vladimir Mihaylov observes that the EUR has stopped declining, but suggests that there is almost no possibility of it bouncing back, due to the strong resistance area built by several resistance lines.



Key quotes



"This resistance area is between 1.3630 and 1.3660."



"If we have any recovery into this area please keep in mind that the new downside wave may start at any moment."



"Upside reversal may happen only on a Daily close above 1.3680."



"If so, then the negative Daily Ichimoku will be inder attack and the target price will be 1.3750."



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