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Tuesday, August 2, 2011

EUR/USD and Gold - Cloudy short term picture

Despite a break above 144.19 there was no real follow-through. The subsequent decline has made a slightly lower low, but the all importnat support at 140.09 is still intact. I still prefer a new rally higher above 144.53 towards 146.95.
Only a break below 140.09 will invalidate the call for a move higher.

The short term picture became a bit cloudy after the minor triangle broke down and not up, but as long as support at 1,599.30 holds firm we should see a full test of my target at 1,636. Any break below 1,599,30 will indicate that the top is already in place, but only a break below 1,581 will confirm the top.

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