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Publish Date29/11/2012 12:10:52 PM
Last Update29/11/2012 12:40:04 PM
The pair dropped below bottom C of the bearish Butterfly Harmonic Pattern which gives us a chance to bet on the extension of the downside move . If those expectations fail there is also a big chance to extend the upside move in case the pair breached 0.9330 with four-hour closing, due to the possibility of forming a Double Bottom Pattern which lowers the risk of extending the suggested downside move. Breaching areas of 0.9245 will accelerate the downside move expected.
The trading range for today is among the key support at 0.9130 and key resistance at 0.9395.
The general trend over short term basis is to the downside targeting 0.8860 as far as areas of 0.9775 remains intact.
|Recommendation||Based on the charts and explanations above, our opinion is selling the pair below 0.9275 targeting 0.9245, 0.9210 then 0.9180 and stop-loss with four-hour closing above 0.9330. If the stop-loss was trigger buy the pair above 0.9330 targeting 0.9395 then 0.9425 and stop-loss with four-hour below 0.9275 might be appropriate|
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