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Week of August 11, 2008-European Session

The early European session has witnessed some USD selling and broad Euro buying fueled by hawkish statements from ECB’s Liebscher. Intraday, EURUSD is in a corrective phase with potential for 1.5133 target, although price action is turning a bit choppy and we have decided to remain flat for now until better opportunities unfold. Overall the market is pretty quiet at the moment as we are looking for lower levels to buy EURUSD, ideally around 1.5015 for a corrective move up towards 1.5133 and eventually a test of the 200 day MA currently at 1.5226. We will have more updates later.

  • Posted by adminfx
  • On August 11, 2008
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