EUR/USD - Daily technical Forecast

on February 16 2010 9:52 AM

EUR/USD closed lower on Monday and the high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral hinting that additional weakness is possible near-term. If it extends this winter's decline, the 62% retracement level of the 2008-2009-rally crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.

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