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EUR Trading Outlook (15-07-2011)

The Euro (EUR) fell back under 1.4200 as the Dollar selling on the Moody&amp rsquo s downgrade ran out of steam. With Bernanke stating FED not yet ready for action the market tested lower 1.41 levels. EUR/GBP is under heavy selling pressure with Pound outperformance in recent sessions. Overall the EUR/USD traded with a low of 1.4114 and a high of 1.4272 before closing the day around 1.4170 in the New York session. Looking ahead, May Trade Balance previously at -4.1bn.

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