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Sep 09

TECHNICAL ANALYSIS BY NSFX 09.09.2013

By:admin

High:  Low: 

After closing below the cluster of SMAs on Thursday, the market came back on Friday after finding bids at the 50% Fibo retracement in the recent wave, just above the 1.31-level. Resistance seen at the 61.8% retracement level in the same wave, which also has been tested this morning as well. We could see the pair ignoring the 100- and 200-day SMAs and be range trading in the 1.31-1.3185 interval with a small opening above to the 50-day SMA, coming in at the 1.32-figure. Market is still in an overall downtrend, but Friday's development, being similar to a bullish piercing line, we could see a change of trend - meaning some kind of consolidation is expected.

R3
R2
R1
S1
S2
S3