 Trade Idea: Eur/usd - Sell At 1.3980 |
 Jun 9 2009, 10:20
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Although the basket of currency retreated after touching the Tenkan-Sen, as the recovery from 1.3803 still looks a bit too shallow, price might not have enough momentum to fall sharply below said support level yet, so we still see possible chance of a corrective recovery to 1.3981, this is the 38.2% Fibonacci retracement of 1.4269 to 1.3803 before euro heading lower again. However, support area at 1.3793-1.3803 remains a key to watch and only a clear break of the 1.3793 support would further confirm our bearish view for a stronger correction of recent rally to 1.3735/40.
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