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EUR Trading Outlook (13-03-2012)

The Euro (EUR) the EUR/USD broke below 1.3100 hitting small stops but there was little interest for a move lower and we saw a modest reversal heading into the US session. The EUR/GBP also rallied breaking above 0.8400 for fresh March highs. Supporting was talk from EU finance ministers confident they will agree to increase the rescue fund to firewall the European debt crisis. This was seen as important prerequisite for larger contributions from Japan and China to the IMF.

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