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11.07.2012 05:43 PM
EUR/USD 1.2405 Strong Resistance - for July 11, 2012 (Daily Strategy)

 

 

Italian prime minister announced that Italy may seek another bailout and this news ultimately hurt the Europe’s outlook.
On the technical level, the euro hit the 1.2250 support level which allows suggesting continuation of the downtrend. A close above 1.2250 would increase the probability of a rebound, to the weekly pivot of 1.2405 in this level. We recommend selling with short term 1.2150.
The Momentum indicator is showing that a rebound is imminent. Range Indicator is showing that the euro is highly oversold.

 

 

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