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The pattern started on the 17th of October, 2012, when the pair dipped to 0.9215; currently it is trading at 0.9096. Trading volume is U shaped (higher in the beginning and the end and lower in the middle of the pattern) in the length of the pattern. Current market sentiment is strongly bullish as 75% of traders are long on the pair. Long traders could focus on the weekly pivot (PP) at 0.9133, 20-day SMA/weekly pivot (R1) at 0.9237/44, 100-day SMA at 0.9282, pattern's resistance at 0.9331 and weekly pivot (R2)/Bollinger band/200-day SMA at 0.9204/0.9436.
Technical indicators on aggregate point at depreciation of the pair on 1D horizon suggesting it still has the propensity to breach pattern's support. Short traders could focus on the Bollinger band at 0,9047, pattern's support at 0.8995 and weekly pivot at 0.8974 (S1) and 0.8863 (S2).
Main fundamental events which could have significant impact on pairs development in the near future are Swiss National Bank announcement of its Foreign Currency Reserves on 7th of February and US Trade Balance announcement on 8th of February .
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