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Publish Date28/12/2012 11:00:14 AM
Last Update28/12/2012 11:11:19 AM
The EUR/USD pair has plummeted during the previous session as it seems that it started to response to the overbought signs on RSI 14. The secondary four-hour chart-secondary image- shows how the closing was achieved comfortably below SMA 50 while Gator turned negative suggesting further weakness. Hence, we change our outlook to be bearish ; noting that a break below 1.3145-76.4% Fib- is required to reinforce our constructive outlook.
The trading range for today is among the key support at 1.3050 and key resistance at 1.3390.
The general trend over short term basis is negative targeting 1.1865 as far as areas of 1.3550 remains intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair below 1.3145 targeting 1.2990 and stop loss above 1.3265 might be appropriate.|
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