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    GBP/USD: Intraday Technical Analysis for June 26, 2012

    EURUSDM30.png

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    Overview:

    • The EUR/USD pair has rebounded from the minor resistance at 1.1115 and support has been already placed at the level of 1.1029. It is now approaching its support in order to test it, so it will probably start downside movement in this area and recover again. Therefore, it will be a good sign to sell at this spot with the first target of 1.1000 and continue towards 1.0954 (it should be noted that this level will form the weekly support 2). On the other hand, the best location to set stop loss should be placed at 1.1152 in case of a break of 1.1115.

    Trading recommendations:

    • According to the previous events, the EUR/USD pair has been still trapped between the levels of 1.1115 and 1.0954 (those levels coincided with the Fibonacci retracement levels 50% and the double bottom respectively). It should be noted that the 1.0960 price (around double bottom at the level of 1.0954) will act as a strong support on July 2, 2015.

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