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EUR/USD - 1.5710 Daily Market Outlook - Jul 4 EUR/USD Technical Analysis 4 July 2008 ECB will stop to rise the interest rates said Trichet More EUR/USD

The chart shows my working count for the rise started from 1.5282. I think that the movement to 1.5488 is corrective in nature. If this is the case, we should see initial fall minimum to 1.5360 prior to new powerful up-move. Earlier today there was a fall but only to 1.5364 followed by a rise above 1.5488. However I still think that we should see a move down at least to 1.5360 i.e. I dont think that the up-move has resumed. However I will be neutral at the moment because my todays short position was closed by the movement above 1.5488. A fall below 1.5428 from here will signal that the expected fall to 1.5360 is under way.

Trading strategy: 10:59 EST; 15:59 GMT

The short position from 1.5447 was closed at 1.5495 with loss 48 pips.

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This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.

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