EUR/USD Friday 04.06.2007

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21:38,
elimartinez92

EUR/USD Friday 04.06.2007

It was about time to escape the trading range that has been valid for 2 weeks, therefore the Euro rallied and broke the key barrier at 1.3400 on yesterday, putting new highs in the 1.3440 region. Support is currently formed at 1.3400 endorsed by 1.3380, 1.3350 and 1.3320. Resistance emerges at 1.3440 followed closely by 1.3480 and 1.3500. Daily momentum strengthened its bullishness due to the daily close above the 1.34 mark, hourly momentum is slightly bearish on account of the small Euro retracement occuring at the time of the writing. A restart of yesterday's rally is highly possible today, the upside being favored, but only if 1.3400 or even 1.3383 will stay intact. A break under the stated support amounts may accelerate a possible decrease towards the lower half of 1.33's. Massive moves are anticipated today on account of the NFP data launch in the U.S. Current.

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