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EUR/USD Classical Technical Report 06.08

By Joel Kruger, Technical Strategist
08 June 2012 07:46 GMT
daily_classical_euro_body_eur.png, EUR/USD Classical Technical Report 06.08

EUR/USD:The market is in the process of correcting from some violently oversold levels after breaking to yearly lows just under 1.2300. While our overall outlook remains grossly bearish, from here we still see room for short-term upside before a fresh lower top is sought out. Look for the latest daily close back above 1.2545 to open the door for acceleration into the 1.2800-1.3000 area, where fresh offers are likely to re-emerge. Setbacks should be well supported ahead of 1.2400.

--- Written by Joel Kruger, Technical Currency Strategist

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08 June 2012 07:46 GMT