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MIG Bank

MIG Bank

MIG BANK, formerly known as MIG INVESTMENTS, was established in Neuchatel, Switzerland as an online Forex broker and in 2009 became the world's 1st Forex…

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EUR/USD: Moving Lower

EUR/USD continues to decline from its high at 1.3417. An hourly resistance is at 1.3159 (intraday high). Another resistance can be found at 1.3254. Supports lie at 1.3042 and 1.2942.

In the medium-term, the recent price action from 1.2746 (04/04/2013 low) is viewed as a corrective phase within a larger downtrend. The high at 1.3417 (19/06/2013 high) following Bernanke's comments is a significant top. Coupled with the short-term overbought conditions, a new bearish phase is likely underway. A minimum move towards the support at 1.2797 (17/05/2013 low) is expected.

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