Euro Continues To Get Battered By Debt Issues
The EUR/USD falling back below 1.2500 led me to add to my short position as I continue to target a test of 1.2000. The issues in Europe continue to have staying power and remains weighing factor on broader markets. The fact is that governments aren’t going to solve the issue for large budget deficits overnight and although we may see boys of optimism led to support for the single currency the downside continues to be favored. Nevertheless, given the sharp decline in the pair, 1.200 could prove to be a solid barrier and we may see several tests before an ultimate break below. Therefore, I would look to take profit at the level if the pair fails to break below.
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