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Publish Date13/12/2012 12:45:21 PM
Last Update16/12/2012 09:38:57 PM
After the clear downtrend last month touching the resistance at 3.9700, the pair has found support - previously broken resistance - around the current trading levels.
We classify the bearishness started at 4.0925 high as a correction for the major short-term upside trend seen in 2012.
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Thereof, we believe that the pair will move higher again in the period ahead after finding solid support, while momentum indicators entered oversold territories.
Not only did the RSI 14 enter oversold areas of 30.00, but it is also on its way to draw a positive divergence that may reinforce our bullish predictions.
The soft technical objective of the expected bullish reversal resides at 3.8430, while SMA 50 is also a target to be retested in the upcoming period.
The main technical target for this analysis resides at resistance around 3.9070.
The last defensive level for bulls over short and may be medium term basis resides at 3.7000 and it shouldn’t be breached; a break will be a very negative indication and will bring further debasement.
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