-“1.2623 (January 2012 low) is a level to know for possible support and/or exhaustion that leads to a sharp multi-day advance (how dare I mention as much).” The rate slipped below 1.2570 on Tuesday but has rebounded to finish the day, month, and quarter, at 1.2625. The line that extends off of the 2011 and February 2013 highs is at about 1.2530 this week if the rate continues lower. The move is beyond extreme and this week (new month and quarter) is a good time for a relief rally to begin. Watch for capitulation after ECB as well.
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