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Publish Date29/11/2012 12:24:48 PM

Last Update29/11/2012 12:44:37 PM

Midday Report


Over four-hour basis the pair returned toward the second target of the bullish Butterfly Pattern and the bullishness was accompanied by positivity on the Linear Regression Indicators. Trading above 1.0330 will extend the upside move even if the pair hasn’t returned above the ascending support. The Butterfly Pattern supports the upside move and a breach of 1.0420 followed by stability above 1.0440 signals for the extension of the upside move.
The trading range for today is expected among the key support at 1.0300 and resistance at 1.0505.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.

The pair wasn’t able to consolidate above the resistance levels 1.0485 and 1.0505 as seen on the chart. Meanwhile, we cannot confirm returning to negative areas now in light of the possibility of extending CD Leg as referred to earlier. Therefore, we remain neutral.

The trading range for today is among the key support at 1.0385 and key resistance at 1.0565.

The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move


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