TECHNICAL ANALYSIS BY NSFX 23.08.2015
The rate rose above its 200SMA and closed last Friday near near 100 pips below area 1.1482. This level is important because it is the rate 7 month high and also the level that will test the validity of the supply line generated last year when EurUsd was trading at 1.4. Above 1.1482 the pair can rise to 1.18 and then to 1.22. If the rate will retrace below 1.11 is likely a test of the demand line in area 1.0820 and beneath this level it could make a double bottom at 1.0460.