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Forex Flash: EUR/USD medium term shorts to 1.2290 - RBS
FITITOL--> FXstreet.com (San Francisco) - The Euro is recovering ground today's session against the Dollar after yesterday's retracement from the 1.2680 zone. Currently the pair is pricing at 1.2605, 0.22% increases so far today."Still the EUR looks heavy vs. pretty much everything! Vs. the USD and NZD particularly in the short term," comments William Moore, Technical Strategy at RBS. "Medium term shorts to 1.2290 onto 1.1881 which is the 2008 low stop through 1.2775."
"The market has not yet done enough to rid itself of the bearish flag pattern that points to another visit down to the previous 2008 low s at 1.1881. The near term resistance is just above price action here; the 1.2670 level, Friday’s high at 1.2691 and then the cluster of highs from mid June at 1.2747," concluded the RBS's analyst.
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