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EUR/USD: The Euro continues plummeting in European session |
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FXstreet.com (Barcelona) – The Euro has opened the week depreciating sharply against the Dollar, and according to Slobodan Drvenica, economist at Windsor Brokers Ltd, it could reach as low as 1.4146: “Extended losses from 1.4909/1.4812 lower tops within downtrend from 1.6040, to reach 1.3882 on 11 Sep, before recovering. Break above 1.4046/74 resistance area ended immediate fears of fresh falls, with subsequent break through 1.4146/80 confirming reversal.”
According to Drvenica, the Euro is not showing signs of recovery: “Market reached 1.4482 high today, before latest dip, with yet no signs of a higher low for a fresh recovery. Losing 1.4233/27 may open 1.4143/28 next.”
Posted originally: 9/15/2008 11:12:00 AM
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