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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: The Bearish Breakout at 1.3190 Has Been Confirmed by USD/CHF

EUR/USD has broken its key support at 1.3190 (see also 38.2% retracement of the previous rise). The confirmation by USD/CHF (break of the key resistance at 0.9395) strengthens the bearish stance. Support stands at 1.3067 (18/07/2013 low) and 1.2994. A break of the resistance at 1.3255 would negate the short-term bearish structure.

A potential medium-term top has been made at 1.3452. The break of the support at 1.3190 favours a medium-term bearish stance. However, we would thus far not expect a medium-term downside risk lower than the strong support area between 1.2746 (04/04/2013 low) and 1.2662 (13/11/2012 low).

We are raising our stop-loss to 0.9058 from 0.9004.

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