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Jul 19

TECHNICAL ANALYSIS BY NSFX 19.07.2013

By:admin

High:  Low: 

Daily we are trapped in a range between the support-cluster of SMAs beginning at 1.3090 to 1.3030 and on the upside, the 38.% Fibo retracement at 1.3160 in the recent wave. Shorter term (4H), we are witnessing the beginning of a wedge-formation (lower highs and higher lows, meaning that something has to give soon. A break of the upside, gives room for a move to 1.3180 before 1.3240 could be tested. However, the close-to-overbought Stochastics could suggest otherwise, however no signs of divergence Yet.

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