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EURUSD OUTLOOK FOR THE WEEK OF MAY 7-11, 2012

EURUSD’S nearterm rise from 1.2994 is complete at 1.3282 as last Friday witnessed daily prices open and close 1.3172 thus completing the rise from 1.2994 at 1.3282. Look for further downside risk into the days ahead targeting 1.2994, 1.2926, 1.2881, 1.2850 and 1.2815 as ONLY a daily open and higher daily close above 1.3138 will turn the nearterm outlook to neutral. As to the broad outlook, look for a daily open below 1.3054 and lower close below 1.2994 to favor further downside risk into the weeks ahead targeting 1.2952, 1.2826, 1.2623, 1.2420, 1.2294, 1.2192 and 1.2090. As to the upside, a daily open and higher above 1.3435 will turn the broad outlook to neutral. For the week ahead, sell a break of 1.2994 for 1.2952, 1.2826 and 1.2623.

  • Posted by adminfx
  • On May 6, 2012
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