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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: Pushing Higher Through the Resistance at 1.3254

EUR/USD continues to move higher, breaking the resistance at 1.3254. Another resistance is given by the declining trendline (around 1.3336), while a strong resistance lies at 1.3417. Supports can be found at 1.3164 (23/07/2013 low) and 1.3067 (18/07/2013 low).

In the longer-term, EUR/USD does not exhibit a clear trend. As we eventually expect to see prices moving below the key support at 1.2662 (13/11/2012 low), we continue to favour a medium-term bearish bias. However, given the short-term improvements, we would wait for overbought conditions before selling EUR/USD.

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