Tuesday, July 13, 2010

EUR/USD: Extreme readings


Pair continues rising approaching to 1.2720/30 area, past week high and strong resistance level, with smaller time frames showing extreme overbought conditions; pair should trigger some bearish corrective movement now, so watch for 1.2660 to be the key: if under, corrective movement could extend close to the 1.2600 area, while if price holds above the level, price action should resume bullish trend.


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