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EUR/USD Continues To Tip Lower in European Trade
Tuesday, 07 July 2009 08:04:37 GMT  |  DailyFX Market Research
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EUR-USD was caught long after 1.4000 failure during the Asian afternoon. Middle Eastern names and Eastern European accounts sold early on and this forced a pull back in to 1.3910, where the pair is currently trading. Bids are noted at 1.3910 down to 1.3880 from Asian and European accounts that are still looking to buy the dip after the pair managed to rebound from 1.3875 on Monday, which is ahead of large size stops. One area of focus for the market intra-day are comments from U.S. Presidential Advisor, Laura Tyson, who said that the U.S. should consider drafting a second stimulus package that focuses on infrastructure spending. Elsewhere, a large U.S. name is recommending short euro positions and was also a good buyer of EUR 1.2500 puts for September 10 at 13.75% on Monday. This is also encouraging some speculative selling in the underlying and it's likely that it will retest stop loss interest lower down. Technical support under 1.3900 is noted at 1.3875, 1.3825 and 1.3800-05.

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