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MIG Bank

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 - A New Test of The Support at 1.2501 is Favoured

EUR/USD continues to weaken, as can be seen by the break of the hourly support at 1.2706 (see also the rising channel). A further decline towards the key support at 1.2501 is favoured. An hourly support can be found at 1.2625 (15/10/2014 low). An hourly resistance now lies at 1.2743 (intraday high).

In the longer term, EUR/USD is in a downtrend since May 2014. The break of the strong support area between 1.2755 (09/07/2013 low) and 1.2662 (13/11/2012 low) has opened the way for a decline towards the strong support at 1.2043 (24/07/2012 low). As a result, the recent strength in EUR/USD is seen as a countertrend move. A key resistance stands at 1.2995 (16/09/2014 high).

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