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Forex Flash: Bunds rupture support, downside extended – RBS

Bunds have broken the 144.43 support and reached the first target of 144.24 from the head and shoulders pattern. According to Dmytro Bondar, a Technical Markets Strategist at RBS, “After an initial reaction form the level, further downside to the main pattern’s target of 143.56 would be expected. There is also a strong support level on the way at 144.00 – a level of polarity change and March gap. Oscillators are quite neutral, but the 20/5/5/3 slow stochastic nears oversold region. A sustained recovery above 20-day MA (currently at 146.10) cancels the view.”
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US: MBA Mortgage Applications fell 4.1%

The Mortgage Bankers Association has informed that US citizens that applied for mortgage loans rose 4.1% in the week ended on May 10, markedly lower that the previous rise of 7.0%...
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