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May 18

TECHNICAL ANALYSIS BY NSFX 18.05.2014

By:

High:  Low: 

The rate retraced more than 300 pips after the double top made the 8th of May and found support on the 200SMA.  If a short term rally should happen the first relevant resistance would be 1.3810. Even below the 200SMA the last chance of a long term rally is the test of the demand line that was generated on July 2012. Only above the 2014 top stop losses likely to be triggered and the pair might reach easily 1.42.

R3
R2
R1
S1
S2
S3