EUR/USD Short-Term Update
By Alexander Nikolov
posted 19:09 12/11/11
| Forex Technical Analysis
 
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EURUSD: 1.3384

Short-Term Trend: downtrend

Outlook:

EUR was little changed last week as it traded in a tight range between roughly 1.33 and 1.3450. As the prices remain below the declining 21-day moving average, the main trend is considered strong downtrend and further losses are still expected. I am a bit disappointed by the fact that there was no follow through selling last week, but still, the main focus remains down.
If a rally develops, it is expected to find resistance near 1.3520 level. A sustained move abv there will indicate more upside potential twd 1.3720 and 1.3900 before the next leg down takes place…

Strategy: Holding short remains favored with a stop abv 1.3550.

 
 
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