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Thread: EUR/USD Mid-Day Outlook

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    Default EUR/USD Mid-Day Outlook

    EUR/USD Mid-Day Outlook
    EURUSD Outlook | Written by ActionForex.com | Mar 03 08 15:20 GMT |
    EUR/USD Mid-Day Outlook
    Daily Pivots: (S1) 1.5134; (P) 1.5187; (R1) 1.5230; More

    EUR/USD edges higher to new record high of 1.5273 in early US session and at this point, intraday bias remains on the upside as long as 1.5141 minor support holds. Rise from 1.4438 is still expected to extend further to next short term upside target of 61.8% projection of 1.3360 to 1.4966 from 1.4438 at 1.5431. Meanwhile, below 1.1541 minor support will indicate that an intraday top is in place and bring pull back. Though, downside should be contained well by 1.4966 resistance turned support and bring rally resumption.

    In the bigger picture, decisive break of 1.4966 and 1.5 key resistance (61.8% projection of 0.8223 to 1.3668 from 1.1639 at 1.5004) confirms that medium term up trend from 1.1639 has resumed. Also, regardless of internal structure, it is treated as resumption of long term up trend from 0.8223 (00 low) to 1.3668 (04 high). Further rally is now expected towards 100% projection of 0.8223 to 1.3668 from 1.7048.

    Meanwhile, below 1.4778 will argue that rise from 1.4438 has completed. Though, below 1.4438 support is needed to indicate a medium term top is formed. Otherwise, medium term outlook remains bullish and the up trend is expected to resume even in case of a sharp correction.


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    Slight fluctuations in the EUR/USDtoday 4/3/2008
    Registered a slight decline from the closure yesterday - 28 points and the high point +3
    It is expected today to maintain the level reached by an investigator balance and relative stability in taking progress in the coming days

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    EUR/USD's rally was limited at 1.5798 and retreats again. At this point, further rally is still mildly in favor as long as 1.5624 support holds. But after all, the structure of the rise from 1.5510 is not convincing and is probably just corrective in nature. Hence, firm break above 1.5902 resistance zone is needed to confirm resumption of recent up trend. Otherwise, another fall should still be seen to complete consolidation from 1.5902.

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    Quote Originally Posted by james View Post
    EUR/USD's rally was limited at 1.5798 and retreats again. At this point, further rally is still mildly in favor as long as 1.5624 support holds. But after all, the structure of the rise from 1.5510 is not convincing and is probably just corrective in nature. Hence, firm break above 1.5902 resistance zone is needed to confirm resumption of recent up trend. Otherwise, another fall should still be seen to complete consolidation from 1.5902.
    You can as well obtain similar information from actionforex.com

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    EUR/USD's rally from 1.5510 continues today and edges higher to to new record high of 1.5913 earlier.
    At this point, further rally is still in favor as long as 1.5674 support holds.

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    Outlook in EUR/USD remains neutral as the pair is still limited below 1.5913 high with conflicting indicator readings.
    The structure of the rise from 1.5510 is not convincingly impulsive and is probably just corrective in nature.
    so, sustained trading above 1.5902 is needed to confirm that recent up trend has resumed for next target of 1.6 psychological resistance.
    Below 1.5674, will indeed argue that consolidation from 1.5902 is still underway and will probably have another test of 1.5510 support before completion.

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    EUR/USD weakens mildly in early US session but after all, outlook remains unchanged at neutral,firm break of 1.5913 high will confirm that consolidation from 1.5902, which is likely in form of an ascending triangle, has completed.

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    1.5970 is hit and now moiving up more and more now

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    EUR/USD is still limited below 1.6 psychological despite poor economic data from US. Jobless claims climbed back to 372k level. Philly Fed survey is a big disappointment by dropping further to -24.9 in Apr, lowest since Feb 2001. Though, March Leading indicators rose slightly by 0.1%. EUR/USD's rally was somewhat limited by Luxembourg FM Jean-Claude Juncker's comments that financial markets have misunderstood the G7's position on currency volatility

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