EUR/USD (1.3095): The pair keeps meandering around a near flat 12 month moving average. Last month closed below the open but also off the lows. This lends no fresh clues for the month ahead. The broader wave count is however still slanted to the bearish side, but below a Nov2012 “B-wave low” of 1.2661 is needed to pull the bearish trigger – opening up for a sub-1.2042 move. Even more ambitious theoretical targets exist as low as in the 1.12-1.07 area. Key long-term resistance is located at 1.3705\1.3960.
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