EUR/USD Daily Forecast - 09 December

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Monday, Dec 08 2014

After it initially fell all the way to 1.2250 level, euro managed to rebound in the course of the session yesterday and finish it few points above 1.2320 area. There were no major data releases both from Eurozone and USA, and we can expect similar scenario tomorrow.

Pair is likely to find support around 1.2280 level initially and 1.2250 in extension, around lows of yesterday, so these would be our short-term selling points, while area above 1.2380 level should offer some amount of resistance so this is where we would sell the pair short-term looking. Long-term looking, we have no interest in buying this pair. Any rallies should be seen as just another selling opportunity, with pair targeting 1.2050 level.

More in this category: « GBP/USD Daily Forecast - 09 December AUD/USD Daily Forecast - 10 December »

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