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93.5
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92.5
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90.5
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89.5
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88.5
88
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Comment: Selling off suddenly ahead of the nine-day moving average, moving towards the 50% Fibonacci
retracement support and the top of a relatively thin Ichimoku ‘cloud’. The US dollar is still not oversold and
momentum decidedly bearish. Futures volume good again on Friday underlining the fact that recent moves have
probably come as a surprise to many. We shall expect a drop to 61% retracement (88.25) this week.
Strategy: Sell at 89.65/89.95; stop above 90.65. Short term target 89.00, then 88.50.
Chart Levels:
Support Resistance Direction of Trade
89.50 89.95
89.30 90.15
89.00 90.40/90.57*
88.80 91.25
88.50 91.88*