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The pattern started on the 17th of September, 2012, when the pair peaked to 103.88; currently it is trading at 124.89. Trading volume seems to be increasing in the length of the pattern. Technical indicators on aggregate point at appreciation of the pair on 1W horizon. 60% of all pending orders on the pair are to go long. Long traders could focus on the cluster of resistance levels at 126.46/17.73 (Bollinger band, weekly pivot (R1) and recent high) and weekly pivots at 128.88 (R2) and 131.76 (R3).
Technical indicators on aggregate point at depreciation of the pair on 1D horizon. Short traders could focus on the weekly pivot (PP) at 124.02, cluster of support levels at 123.11/122.05 (20day SMA, pattern's support and weekly pivot (S1)), Bollinger band/weekly pivot (S2) at 119.74/16 and weekly pivot (S3)/100-day SMA at 117.19/116.39.
Main fundamental events which could have significant impact on pairs development in the near future are Japans overnight call rate announcement on 3rd of April and minimum bid rate announcement by ECB on 4th of April.
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