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Oct 21

TECHNICAL ANALYSIS BY NSFX 21.10.2013

By:

High:  Low: 

The pair is consolidating below 1.37 and likely the cross rate will try a breakout and if it will have success it will test 1.3885. The most important area is around 1.3975, where there is the supply line that started from the all time high in summer 2007. A breakout of this level likely can lift the pair to more ambitious area like 1.45. In case risk appetite will decrease and the dollar should gain ground the cross rate could retrace to 1.3568 and then to 1.3482. An intermediate bearish target might be 1.33, in coincidence with the 200SMA.

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