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Jul 18

TECHNICAL ANALYSIS BY NSFX 18.07.2013

By:Nati

High:  Low: 

The pair is trending in a downward channel where recent support was seen at the big psychological 90 figure. Three weeks of sideways movement hovering above the support level gives little indication as to what will happen, even less now that white marubozu candlestick on the 16th of July didn't give the follow on and trading returned to the trend channel. Resistance could again be seen in the 0.9240 area, a break above this could lead to a test towards the 23.6% Fibo level. Support could be seen at 0.9040 before any retest of the 90 level. A 87.50 level, last seen in August 2010 could be targeted if this level doesn't hold.

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