TECHNICAL ANALYSIS BY NSFX 22.07.2013
Last week, the pair enjoyed a close above the 100-week SMA, which could lead to additional upside this week. Overall, we are still in a wedge-formation, but there is ample room for a five-figure movement before the barriers are taken out. Daily, the pair made a bullish engulfing pattern on Friday, which could trigger additional upside. The key will be is we manage to take out 1.3206 (last week highs), above the 38.2% Fibo retracement, opening up for a test of 1.3260 and then 1.3350. Downside, the cluster of daily SMAs should provide decent support.