September 18, 2009
Current level-1.4684
EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523.
The pair is still in the minor consolidation below 1.4765, currently testing 1.4637 major support. We believe, that the overall positive bias is still on the table and the slide from 1.4765 is a partial "profit taking", before next leg unfolds upwards, towards 1.4824 target zone. Crucial is 1.4637-23.
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