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Jul 27

TECHNICAL ANALYSIS BY NSFX 27.07.2014

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The rate could not rise to 1.72 and after a bearish price spike started to retrace. A confirmation that the demand line generated last year would be broken will kick off further selling pressure and the 200SMA, now at 1.67 area, might be tested. Area 1.6260 should be considered a target in case of a severe selloff in the medium time horizon. Above 1.72 many short positions would be closed and price might reach 1.7350 easily and then a multiyear high 1.75.

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