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Sep 26

TECHNICAL ANALYSIS BY NSFX 26.09.2013

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The pair is consolidating above the psychological level 1.6. A Breakout above 1.6158 will lift the cross rate to test the multiple 2012 top at 1.6295. This price level is only a little bit more than 200 pips distance from current market price, thus it can be reached in a short time window.  Likely that many stop losses and trailing stops are below 1.6; if the pair should fall below this level the 21SMA in area 1.58 will act as dynamic support.

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