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06.06.2012 05:05 PM
EUR/USD While waiting for the Rescue For June 6 / 2012 (Daily Strategy)

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The EUR/USD pair falls this Wednesday because the data from the service sector was better than expected. On the other hand the pair loses the upward force due to negative news from Spain. Tomorrow is expected to inject 2 million Euros in long-term bonds. Therefore we should wait what will happen.

On technical level, the Euro had difficulties in holding above 1.2530; at the moment it is breaking its uptrend line formed on the 4h charts.
The breakdown of this level can accelerate the fall to 1.2410 and even lower - to the 1.2337, where there the fractal has a very strong support.

Therefore, we recommend sell-deals below 1.2467 or if you just want to buy, given that the market could take an unexpected twist, we recommend buying at 1.2410 or 1.2340 with medium-term targets is seen at 1.2650.

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