/ 

Nov 04

TECHNICAL ANALYSIS BY NSFX 04.11.2013

By:

High:  Low: 

The pair is trading on the 55EMA support for the second consecutive day and is likely that the cross rate will have a rally because it had a retracement of more than 300 pips from the 2013 double top.  The next target could be the 21SMA at 1.6058. If buyers pressure should continue then the pair could rise to 1.6149 and the most important test would be the 1.6250 area and in that case would be a triple top price pattern. In case of a retracement the first area could be 1.5884 and if selling pressure should continue then 1.5751 is going to be the second support. The test at 1.55 area could decide the direction of the trend.

R3
R2
R1
S1
S2
S3