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Daily Technical Report

EUR/USD made a big daily upper shadowyesterday, indicating persistent selling pressures.

The USD/JPY reached the 109 level earlier than our bullish forecast saw.

EURUSD traded flat at 1.2857, USDJPY softened to 108.6 and AUDUSD rose slightly to 0.8863 from its overnight low.

EURUSD: The short term 8day ‘Tenkan-Sen’ and the weekly mid-body point just above 1.29 attracted responsive sellers yesterday,

The up channel, still intact, contains wave-(1) of what we expect to be a much larger uptrend towards 1.15.

The pair driving higher in the wake of a weaker day across the board for the USD,

German bonds initially continued in a rallying mode yesterday, but gave up the earlier gains later.

The $1242.7 level remains key resistance with bulls needing a close above to

Once again X14 has baulked at a close below the $90.50 level with bears looking for

The pair closed in NY Tuesday at $1.6388 after rate had managed to recover off an intraday low of $1.6303 to

The pair tried to recover some recently lost ground in overnight trade but continued to

After failing to capitalize on last week’s gains the sell-off for Stoxx50 accelerated Tuesday with