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20/10/2012 07:58:25 PM
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Publish Date20/10/2012 07:58:25 PM
Last Update20/10/2012 08:03:42 PM
The pair has showed a strong bounce after placing the significant low of 0.9630 on September, 14 as seen on the provided daily graph.
This bullish correction has ended the previous week battling a very critical level at 38.2% Fibonacci retracement of the entire downside rally started on June, 04 at 1.0445 to the aforesaid trough.
Click on the image for a larger view
The question now is; shall the pair hit this hard technical obstacle next week? Actually, we believe that the pair will continue to head upwards and will be able to take out 38.2% Fibonacci retracement level based on the following technical factors:
Technical targets reside at 61.8% Fibonacci of the main descending wave at 1.0135 as far as the pivotal support of 0.9795 - just a few pips below 23.6% at 0.9825- remains intact.
Of note, 50% Fib. at 1.0040 may slow down the awaited bullish wave but we don’t think it will prevent the pair from achieving a considerable advance.
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