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Euro Looks To Threaten Major Support Level

Euro Looks To Threaten Major Support Level

2010-03-09 14:12:00
John Rivera, Currency Analyst
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The EUR/USD”s break above the 20-Day SMA led me into a long position that was good for 100 pips in profit, but lack of momentum has increased downside risks. Fitch putting Portugal’s double-A rating on a negative watch list has perpetuated concerns over European member’s budget deficits. Sold support remains at 1.3481-61.8% Fibo of 1.2444-1.5149 and I would wait to take a short position until I see a break below the level. The 5/18 low of 1.3423 could slow potential losses, but potential remains to 1.3000.

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