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EURUSD Market Outlook

EURUSD Outlook - 09Nov09

Monday, 09 November 2009 08:19 | PDF Print E-mail

 

Major overnight move has brought EURUSD to 1.50 -- this in effect has brought it up to a huge support AND resistance point. Volatility is sustained via the DCD indicator which means that this trading zone between 1.4950 and 1.50 will be the major trading range for today. If . I would expect price to retrace down to at least 1.4975 before retesting 1.50 -- however if price goes through 1.50 with a great deal of momentum and closes a couple of sustained bars above 1.50 I would expect price to continue to a profit target of 1.550 before hitting major resistance.

 

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