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Sep 17, 2007


Current level-1.3872

The currency pair is in an uptrend unfolding from the 1.2484 bottom and probably ahead of a significant reversal on weekly basis. The technical indicators are neutral and the trading is situated above the 50-day and the 200-day SMA, currently projected at 1.3638 and 1.3361. On the Elliott Wave count we are probably finalizing C of (B)-(intermediate) and a development of (C)-(intermediate) lies ahead.

With the recent 1.3927 the pair has entered a larger corrective phase, which should test the support at 1.3720 in the next few days. For today allow a rise to 1.3903, followed by a slide towards 1.3777.


Current level-114.95

The uptrend from 115.16 has been completed at 124.14 and a downtrend is unfolding since. The technical indicators are falling on daily basis and trading is situated below the 50- and 200-day SMA, currently projected at 122.09 and 119.60.

The pair swings without a direction between 114.39 support and 115.51 resistance, so only a break through the mentioned levels will put on stage 112.60 or 117.18.


Current level-2.0007

A local top is set at 2.0652 where the pair hit a new high for the past 26 years. The technical indicators are flat after reversing at 1.9649.

Obviously a downtrend is on the run after thursday's spike-high to 2.0346, so the current target is set at 1.9943-60.

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