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A EURUSD Break of 1.2825 Isn't Enough for a Bear Trend

A EURUSD Break of 1.2825 Isn't Enough for a Bear Trend

John Kicklighter, Chief Strategist

US equities - one of the best measures of investor sentiment - tumbled for the third straight day this week Wednesday. With this move, risk trends are on the cusp of a seismic shift - one that can actually carry its weight rather than turn out a false breakout. The implications for FX traders are clear. EURUSD is meeting its own 1.2825 support level at the same time and there are plenty of other pairs out there whose setups are equally as attractive. However, we shouldn't abandon patience and scrutiny just because we are close. The burden for a fundamental change in trend is high and known catalysts with the proper influence are few before the weekend. We discuss this sentiment balance as well as trade setups for both a 'risk on' and 'risk off' market outcome.

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Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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