TECHNICAL ANALYSIS BY NSFX 17.07.2013
The pair broke free of the cluster of SMAs yesterday, but did not manage to take out the 38.2% Fibo retracement at 1.3161 in the recent wave. ATR is increasing – currently above 100 vs. around 75 in the beginning of the year – even though July traditionally is a period of low volatility. A break of the 1.3160-level would open up for a test of 1.32 and then 1.3240. Downside, we see the 200-day SMA as nearest support before the 50- and 100-day SMAs.