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FX.co ★ Intraday technical levels and trading recommendations on EUR/USD for September 12, 2014

Intraday technical levels and trading recommendations on EUR/USD for September 12, 2014

Intraday technical levels and trading recommendations on EUR/USD for September 12, 2014

The price zone of 1.3800-1.3880 (dotted on the chart) managed to pause the previous bullish momentum, thus initiating the current downtrend within the depicted bearish channel.

Several congestion zones were established around the price levels of 1.3515 and 1.3335 before further bearish decline could take place.

On Wednesday, the EUR/USD pair showed bullish recovery around price level of 1.2860. Successive bullish hammer daily candlesticks are being expressed around these price levels.

For three days now, the pair has been testing the lower limit of the depicted channel. High incidence of bullish reversal is present 

Intraday technical levels and trading recommendations on EUR/USD for September 12, 2014

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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