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Daily Technical Stategist On EURUSD

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Daily Technical Stategist On EURUSD Powered By Docstoc
					    Monday, 03th of Sept, 2012                                  FXTechstrategy Team
                                                              info@fxtechstrategy.com
DAILY TECHNICAL STRATEGIST
           EURUSD

                               EURUSD: Bull Pressure Sets Up For
                               1.2672/1.2748 Levels.

                               EURUSD: EURUSD: Having continued to maintain
                               its recovery strength, EUR looks to build up on
                               further gains in the new week. As long as it holds
                               and trades above the 1.2442 level, the risk is for
                               it to recapture the 1.2634/72 levels. A breach will
                               aim at the 1.2748 level where a breather may
                               occur and turn the pair back lower. However, if
                               this fails to occur, expect the pair to strengthen
                               further towards the 1.2824 level. Its weekly RSI is
                               bullish and pointing higher supporting this view.
                               The alternative scenario will be for the pair to
                               return to the 1.2442 level. A reversal of roles as
                               support is likely here but if that fails to occur the
                               pair could weaken further towards the 1.2239
                               level. A clearance of here will set the stage for a
                               move lower towards the 1.2132/17 levels. Further
                               down, support stands at the 1.2040 level. All in
                               all, EUR continues to face upside recovery threats.

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DOCUMENT INFO
Description: EURUSD: Having continued to maintain its recovery strength, EUR looks to build up on further gains in the new week.
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