Pivot: 1.33
Our preference: Long positions above 1.33 with targets @ 1.389 1.4245 in extension.
Alternative scenario: Below 1.33 look for further downside with 1.299 1.275 as targets.
Comment: since July 2012, a process of higher tops and bottoms started and is still in place. However, a declining trend line drawn from 2008 top, maintains the pair under pressure.
Supports and resistances:
1.454
1.4245
1.389
1.3598 Last
1.33
1.299
1.275
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