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EUR Trading Outlook (11-05-2011)

The Euro (EUR) was able to recover from recent heavy selling finding support under 1.4300 and closing above 1.4400 as fears about Greece subsided. Good EUR/JPY buying on the back of risk on trading helped underpin the move higher. Overall the EUR/USD traded with a low of 1.4269 and a high of 1.4415 before closing the day around 1.4410 in the New York session. Looking ahead, April German CPI forecast at 0.2% vs. 0.2% previously m/m.

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