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Currency Outlook - EURUSD 12 26 11

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Currency Outlook - EURUSD 12 26 11 Powered By Docstoc
					            Monday, 26th of Dec, 2011                                       FXTechstrategy Team
                                                                          info@fxtechstrategy.com
               SPECIAL FOCUS
                     EURGBP
                                           EURUSD: Susceptible, Broader Outlook Remains
                                           Lower Medium Term.

                                           EURUSD: Though seen hesitating following its
                                           weakness off the 1.3197 level, its Dec 21’2011
                                           low, its broader bias continues to point lower in
                                           the medium term. This suggests that an eventual
                                           return to the 1.2945 level, its Dec 14’2011 low
                                           could occur with a cut through that level turning
                                           focus to the 1.2874 level, its Jan 2011 low
                                           followed by the 1.2587 level, its Aug 2010 low.
                                           Alternatively, the pair will have to break and hold
                                           above the 1.3197 level followed by the 1.3212
                                           level, its Nov 25’2011 low to reduce its broader
                                           medium term downside pressure. This will bring
                                           further gains towards the 1.3419 level, its Nov
                                           17’2011 low and then its 1.3547 level, its Dec
                                           02’2011 high. Further out, the 1.4241 level, its
                                           Oct 27’2011 high and the 1.4342 level, its daily
                                           falling trendline will come in as the next upside
                                           targets. All in all, the pair continues to hold on to
                                           its medium term downside bias despite its current
                                           price hesitation.

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Description: EURUSD: Though seen hesitating following its weakness off the 1.3197 level, its Dec 21’2011 low, its broader bias continues to point lower in the medium term.