EURUSD Poised to Fall on a Break of This Support Level

EURUSD Poised to Fall on a Break of This Support Level

21 April 2015, 04:33
Principle Analysis
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US stocks and the US dollar look poised to resume their uptrends.  This means lower levels for the EUR/USD, and the technical pictures supports this.  The EUR/USD has appeared to have to topped as projected last week.  It has followed the channel resistance well so far.  A nice close beneath the previous low will also break down the upward sloping channel at 1.0710.  A nice close beneath that level should trigger heavy selling pressure with the wave ii) high remaining intact.  Once we get a convincing move downward I will restructure the chart and channels to the downside.  Look for lower levels immediately from here.
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