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Technicals

EUR/USD: The Euro on the upside

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22 July 2008 @ 02:55 am EST
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FXstreet.com (Barcelona) - The Euro has set a bottom, according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, and a retest of the all time high could be ahead: "Basing against 1.5800 and closing above 1.5900 yesterday might add some much-needed bullish momentum for a re-test of 1.6020/1.6040 all-time high."

Concerning strategy, Elliott advices: "Attempt small longs on a dip to 1.5900, adding to 1.5835; stop below 1.5750. Cover longs between 1.5950 and 1.6020, re-buying on a weekly close above 1.6025 or a sustained break above 1.6050 for 1.6100 and then 1.6250."

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