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EUR: Attempt longs at 1.4470; stop below 1.4200

Nicole Elliott from Mizuho Corporate Bank at 01/05/10



Comment: Unwinding some of the nonsense of the last two weeks with room for more of the same. The Euro is no longer oversold and momentum has yet to turn bullish, so room for a variety of different views.

Strategy: Attempt longs at 1.4470; stop below 1.4200. Short term target 1.4600, then 1.4800.


Comment: Stalling in the middle of the broad band that dominated most of last year. So what.

Strategy: Possibly attempt small shorts at 132.75; stop above 133.85. Short term target 131.00.


Comment: Trapped between the 9 and 26-day moving averages. It might try and rally again today as sentiment is decidedly anti-UK plc.

Strategy: Attempt small longs at 1.6130; stop below 1.6000. First target 1.6200 then 1.6400.


Comment: Retreating, as expected, from Fibonacci 50% retracement and medium term trendline resistance. The lagging Span may find some support from the Ichimoku ‘cloud’ this morning but later today and during the rest of this week we favour a slow drift lower.

Strategy: Attempt shorts at 91.70; stop above 93.25. Short term target 91.15, then 90.00.

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