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Forex pairs in this Article » EUR/USD (Barcelona) - William Moore, Technical Strategist at RBS has taken a look at EURUSD from a technical perspective.

Moore sees support and resistance at 1.2876/93 and 1.3015-23/1.3124 writes, "Finally some aggressive moves in the foreign exchange markets and finally they move in line with my forecast! The resistance level proved too much between 1.3066/3172 which was the area around the previous highs from the 17th of September and the 17th of October."

He believes that the downside should start in earnest and the cluster of lows and retracement levels between 1.2876/1.2893 is the stand out obstacle before the range lows at 1.2662. He feels that to enter trades here is difficult given that the stops need to be above the highs. There should be resistance at 1.3020 so he feels that on an intraday perspective, stops at 1.3030 with a 1.2771 target makes sense... "just". For longer term positions, he recommends placing stops at 1.3124 with a target of 1.2662.
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