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Euro Threatening Major Support

Euro Threatening Major Support

2010-03-22 14:02:00
John Rivera, Currency Analyst
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The EUR/USD failing at the upper bound of its current range at 1.3800 triggered a short position which hit my target of 1.3481-61.8% Fibo of 1.2444-1.5149. I have taken partial profits here as the potential for a reversal exists if support holds. A break below exposes 1.3000 and considering the broader bearish trend we will wait for a clear sign that a reversal is underway before abandoning our bearish bias and look to take advantage of range bound price action with a long position.

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