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Forex pairs in this Article » EUR/USD (Barcelona) - Derek Halpenny at The Bank of Tokyo-Mitsubishi UFJ, Ltd sees the euro well supported in lower liquidity in the market place.

Key Quotes:

“If the speculative market is now on holiday with little to drive the market, the euro should at the very least remain well supported over the coming weeks”.

“Over the shorter term, we do have the advance PMI readings for Germany and France today and that will determine direction from here”.

“The consensus suggests a further gradual improvement in business sentiment that will only add to the current resilience of EUR/USD”.

We maintain that these supportive flows for the euro will ebb away and that EUR/USD will turn lower”.

“1.3240-1.3260 is a range of resistance and then the trendline from the February and June highs comes in at around 1.3330. If these were broken, a reappraisal of forecast levels would be required”.
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