(1,2954) The EUR/DOLL confirmed a negative and weak closing last night but it failed to confirm the break below 1,2945 as well as the break below the previous low at 1,2956!! If in today’s session we will not see the expected confirmation the EUR/DOLL will produce a firm rebound!! The indicators of the daily chart are still well negative forming bullish divergences. Those of the s/t ones are also negative this morning supporting further weakness. While below 1,2985 we expect therefore further downside risk toward a s/t target at 1,2805. An hourly closing above 1,2985 will support a retest of the 200 hours line at 1,3022 where we expect however strong resistance. Only a move above 1,3175 will postpone further weakness suggesting a 1,32 overshooting. We sold the break below 1,2945 and for the moment keep staying short but we are nervous about the failure to confirm the break by a daily closing!! We put a stop at 1,3075 that we want to lower asap!!
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Future Trend Research