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EUR/USD Outlook: August, 30 2013

EUR/USD Outlook: August, 30 2013

EUR/USDThe euro accelerated lower after losing strong support and consolidation range floor at 1.3330/00, with fresh weakness extending close to 1.3205, 15/08 low. The price approached very strong supports at 1.3200/1.3180 higher base, also the Fibonacci was 38.2% of the 1.2754/1.3450 upleg, and was reinforced by the daily 55 DMA. The one and four-hour chart indicators are in the negative territory and favor further bears, with oversold conditions, suggesting consolidative action before fresh extension lower. A break below 1.3180 is required to confirm a top at 1.3450 and open next significant supports at 1.3136, 200/100DMA’s and 1.3102, 50% retracement. Former lower base at 1.3330, also near mid-point of the slide from 1.3450, is seen as ideal reversal point for corrective rallies. Resistance: 1.3260; 1.3286; 1.3304; 1.3344 Support: 1.3218; 1.3205; 1.3180; 1.3132


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