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FX Strategy 26 September 2013 |
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EUR/USD practically retested the 1.3453 August high which offers short term support.
We still allow for one last push higher towards the 1.3670/1.3711 long term pivot to be seen before another medium term down leg to below the 1.3000 region is being made. This pivot includes monthly highs and lows which have been made since 2004 (see the monthly chart on the following page).
The anticipated top is expected to be in place before the end of October.
Only a daily close below the 1.3453 August high would alleviate immediate upside pressure and signal a slide back to the 55 day moving average at 1.3288 and the 200 day moving average at 1.3169.
A drop through the1.3104 current September low would confirm our longer term topping out scenario.
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