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EURUSD: Bearish Bias Favored at 1.42

EURUSD: Bearish Bias Favored at 1.42

2011-03-25 02:27:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

EURUSD finds itself at a crucial crossroads, with prices testing a trend-defining falling trend line established from the record high above 1.60 set in July 2008. Resistance is reinforced by the 1.42 figure, a level that has acted as both significant support and resistance over recent years. Price action appears to have carved out a bearish Rising Wedge chart formation since mid-January, hinting at a reversal lower ahead. We will look for confirmation on a break through the wedge bottom (now around 1.3950) to enter short.

EURUSD_Bearish_Bias_Favored_at_1.42_body_03242011_EUR.png, EURUSD: Bearish Bias Favored at 1.42

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