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EURO forecast for coming week ended 3rd August, 2012.

Last week I was expecting that EURO may drop around 1.20 level and its turnaround was good. Now in coming days if it’s stays above this 1.23 (or maintains 1.22 support levels) then we may see more upward steps but obviously that completely depends on the moves in early days of the coming week. Its initial resistance will be around 1.24, if it crosses that then 1.27 will be the stronger resistance for it.

Last day’s close could have been better so on the contrary if EURO drops from here it may try to break 1.20 level and therefore it ultimate test will be 1.187. Long-term pattern demands EURO to go around 1.15 level. But if EURO somehow manages to maintain that 1.187 level then we may expect better days for it.

Few weeks ago I was talking about a medium term pattern which EURO is forming and if that triggers then EURO has a chance to test around 1.34 level.

[EURO is given against US dollar and it is US market price.]

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