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Brief Technical Analysis August.24


The EUR/USD remains in a familiar range fluctuating between 1.1800 and 1.1750. Sellers defend the 1.1800 hurdle well not allowing buyers to move beyond the level. Inability to post fresh gains may send this market to 1.1700.



The pound continued its slide and broke 1.2800 on Wednesday. The spot traded in a narrow range below 1.2800 the whole night and the morning. A move below 1.2800 will confirm sellers' strength allowing them to test 1.2750.



The US dollar is trying to leave the downward channel. Buyers broke the upper limit of the channel and are trying to consolidate above it right now. If bulls sustain their winning pace the major may advance to 110.00.


Gold prices are trying to leave the current flat. Sellers are struggling hard to break below its lower border. A break below 1285 would generate negative signal and risk further easing towards 1280 - 1275.



Brent is still in a buy mode. The benchmark bounced off 51.50 and spiked to 52.50 where the upward momentum faded. If buyers retain control Brent oil prices may strengthen to 53.50.

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