Euro Targets Fresh Multi-Year Lows
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Trade Implications – EURUSD: Last week we cited a build in crowd EURUSD buying and broader US Dollar selling as a key reason we might expect further moves. And indeed ‘the herd’ is further net-long Euro than it was at the same point last week. Our market cycle specialist cites a break below $1.2440 as further indication that the Euro may continue lower.
See next currency section: GBPUSD - British Pound at Potentially Critical Turning Point
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.