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May 02

TECHNICAL ANALYSIS BY NSFX 02.05.2015

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The pair made a breakout of the trading range and rose to test the resistance at 1.1275. In case it will rise above this level EurUsd might test 1.146 and then above this area momentum trading can lift the rate to 1.2, a level considered a target  for trend followers traders. In case EurUsd should retrace below 1.1040 several long positions will be closed and the rate could slide to 1.0810 and then test again its multiyear low at 1.0464. The RSI oscillator  just reached the overbought level at 70.94. and the ATR still in its April range.

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