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Daily Observations: December 3, 2012

Daily Observations: December 3, 2012

Christopher Vecchio, CFA, Senior Strategist

Current Positions:

- Long EUR/CHF from 1.2018, Stop at 1.1990, Target 1 at 1.2500, Target 2 at 1.2750

- Long USD/JPY from 80.65 (1/2), Stop at 80.75 (daily close), Target 2 at 83.30

Pending Positions:

- Short EUR/USD from 1.3110, Stop at 1.3150, Target 1 at 1.3030, Target 2 at 1.2990

Time Frame: 1-day to 1-week

No new positions were taken today although I've taken to notice a potential short EUR/USD trade based on a number of factors. In the 1.3110/30 zone, there are former swing highs (9/14-18, 10/17-18) and the weekly R2, thus with the alignment of the 1H, 4H, and daily RSIs all starting to near overbought territory, there is a decent area above at which selling interest could return to the market. I expect to take this trade later today or on Tuesday.

Any other trade ideas and general macroeconomic musings can be found in the Real Time Newsfeed, or by following me on twitter @CVecchioFX.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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https://twitter.com/cvecchiofx

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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