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EURUSD: Downside Still Favored

EURUSD: Downside Still Favored

2011-03-31 11:01:00
Ilya Spivak, Sr. Currency Strategist
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EURUSD is rebounding from support at a major rising trend line established from January’s swing low toward the latest swing high below 1.4250 but negative RSI continues to argue for a downside scenario in line with the longer-term bearish setup identified last week. The publicatin of bank stress test results from Ireland today may prove to be just the catalyst to set off selling and I will look for confirmation on a daily close below the trend line (now at 1.4078) to enter short.

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