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Oct 08

TECHNICAL ANALYSIS BY NSFX 08.10.2013

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The cross rate broke below the 200SMA and closed yesterday trading session 20pips below it. Today there is a pullback in action and it is going to be very important to follow not only the development of the trading day but the close as well. A candle with a long shadow on the higher part will drive likely the pair to test 95.8 first and then 95.2. If price should fall below the ascending trendline that started the 2nd of April then an intermediate target price would be 92.6. If the pair should close above the 200SMA there will be space for test again both 21SMA and 55EMA as resistance in area 98.

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