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07.05.2012 10:47 AM
EUR/USD Intraday Technical Analysis

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The spot rate is currently testing the intermediate support of its medium term bearish channel at 1.2930 insdicating a possible rebound. However, a break through this level will trigger a decline to the lower limit – 1.2830.

Technical indicators provide signals for Buy-deals and evolvment in the oversell zone confirms the assumption of a rebound. Bollinger bands are much discarded due to the strong decline that took place recently. The situation is expected to stabilize soon.

According to previous events the market will provide a bullish opportunity at the level of 1.2930 with 1.2990 and 1.3020 seen as first targets. A breakthrough of the 1.2910 level will alter this scenario.

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