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Pierces Key Support


Corrective Cycle Extends

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CABLE TECHS: Pullback Currently Holding Above $1.3015-$1.3008 Support
*RES 4: $1.3165 Aug 4 high
*RES 3: $1.3135/40 Congestion area Aug 3-4
*RES 2: $1.3112 Aug 3 low, now resistance
*RES 1: $1.3085/95 Hourly resistance
*PRICE: $1.3025 @1538GMT
*SUP 1: $1.3008/15 Equality fall, 76.4% of $1.2933-$1.3269
*SUP 2: $1.2990 1% volatility band
*SUP 3: $1.2929/33 50% of $1.2589-$1.3269, Jul 20 low
*SUP 4: $1.2920 76.4% Fibo of $1.2812-$1.3269
*COMMENTARY* A high last Thursday of $1.3269, just above the top of the
anticipated $1.3245-$1.3253 resistance zone. The subsequent fall has gained
speed, leaving support from $1.3097-$1.3050 in its wake. As a result this has
broken the 7 week rising support line and now leaves $1.3015-$1.3008 as next
target area. This a combination of a 76.4% Fibo retrace and the equality fall
from $1.3165 to previous $1.3269-$1.3112 drop. Resistance from $1.3085-$1.3112.

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