Fear continued to drive the dollar strength yesterday, taking the EUR/USD pair down to 1.28. As weve mentioned, weve been targeting 1.25 for the end of the year, but unless the markets regain confidence in the Euro-zone, we may see that level before the end of May. At this point were looking for a short term rebound to 1.29 and 1.30. The analysis changes daily based on what news comes out pertaining Greece and the bailout package along with the possibilities of future bailouts as well as possible countries withdrawing from the EMU (Greece specifically). At this time, were wondering how Greek protests are going to affect the future of Greece. Once again, only time will tell; until then, we do not advise calling a bottom at 1.28.

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