EUR Trading Outlook (14-05-2013)
TECHNICALS: It’s probably a good time to take a look at the longer-term charts and see how much downside this move might have (see chart). The overall target in my biased view remains a 61.8% retracement level around .9200 but the first target is the 200-week MA near .9870 and this should attract some profit takers. Short-term resistance looks to be building near .9980 and selling intraday rallies is still favoured given the strength of the down-trend on the daily charts.
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