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EURUSD: Prices Fail at 1.38, Remain Short Into FOMC

EURUSD: Prices Fail at 1.38, Remain Short Into FOMC

2010-03-16 11:01:00
Ilya Spivak, Sr. Currency Strategist
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I initially sold EURUSD at 1.4881. The pair finished last week with a break through resistance at the upper boundary of a falling channel set from the swing high in early December but failed on a test of near-term resistance at the 1.38 figure, dropping back below 1.37 to erase last Friday's gains. I continue to see any move to the upside that fall short of a daily close above 1.3860 as corrective and will remain short, looking for the re-emergence of bearish momentum to take prices below 1.3404. As before, a stop-loss will be activated on a daily close above 1.4251.

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