EUR Trading Outlook (08-01-2013)

The Euro (EUR) Euro bears were caught short yesterday with the 1.3000 level holding two attempts and putting a short term base in overnight. Shorts were squeezed back above 1.3120 and could head towards 1.3300 the top of the recent trading range. EUR/AUD and EUR/JPY both supported with strong moves in New York. Some speculation about the ECB meeting on Thursday with a think tank report overnight suggesting the ECB will not cut rates.

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