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22nd October 2008
You could have made the same argument when it crossed the 1.50 and the 1.40 levels. These are psychological levels which will always bring in buyers which creates a short term stubbornness and price levels hover around there until the resistance is broken and then you see quicker movements. In this case I would give it more a range of 1.28 to 1.32 and when the resistance breaks you will see the 1.23/1.25 levels very quick. |