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Friday, 18 July 2014

140718: EUR/USD limit price adjustment

I have drawn lines on the following chart of the Euro against the US Dollar in an effort to predict the top of the present projected upswing.

If the current down-trend of the Euro against the Dollar continues, the price will not break through the Trend Resistance Line. My projection of the Resistance Line of the projected upswing follows the slope of the previous upswing (of Jun/ Jul). The blue horizontal line marks the place where the projected upswing Resistance Line meets the Trend Resistance Line. Though the projected upswing may peak above this point, any such peak will be very temporary. The Blue Line, then, marks a good level at which to renew my punt against the EUR/USD. I have adjusted my limit order accordingly.

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