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Apr 01

TECHNICAL ANALYSIS BY NSFX 01.04.2013

By:admin

High:  Low: 

Weekly, the pair closed below the 50 week moving average for the first time since November 2011 indicating that the quarterly momentum has turned bearish as well. As weekly as well as on daily, the pair is in a clear downtrend, which was extended after we managed to close below 1.2875 - the 50% Fibonacci retracement in the 2012 lows - 2013 highs, giving scope for a test of the November 2012 lows around 1.2660. Resistance at the bear trend from 2013 highs, where a close above would open up for a re-test of the 1.2875 level.

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