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Jul 26

TECHNICAL ANALYSIS BY NSFX 26.07.2013

By:admin

High:  Low: 

The pair found serious bidders at the 100-day SMA coinciding with the 50% Fibo retracement in the recent wave, which triggered a move and test of the 38.2% level at 1.5393, but did not manage a close above. We have some mixed signals as we can observe divergence in the Stochastics (price higher, indicator lower), which could indicate some kind of reversal/consolidation, whereas the daily bullish Engulfing Pattern indicates additional upside to come. Near term resistance at 1.5440 before 1.5465, support at 1.5370 before the 1.5350-area.

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R1
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