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EUR/USD: Double Bottom; Cable: Consolidation - RBS
The EUR/USD has been trading comforably above a key long-term support level of 1.2384, being the 23.6% retracement from the 2012 impulse wave, notes RBS. "It has also posted a low of 1.2358 and failed to break below on the second test, indicating a possibility of a double-bottom formation and a subsequent bounce back to 1.2600 onto 1.2750 and 1.2840 should the pattern materialise," RBS projects. "Weekly MACD is still bearish, but its histogram indicated a positive divergence with the price action, confirming the possibility of a bounce with good risk/reward, as a break below 1.2358 would cancel the view for a ... (full story)