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EURO forecast for coming week ended 17th August, 2012.

Last week I was expecting that we may see good moves from EURO if it stays above 1.23 but it did not able to come-out from 1.22-1.24 zone. So things remain in the same spot and I am still maintaining that view. Last today’s closings were better considering its lowest positions so if EURO stays above 1.23 then it has a chance to show more up moves.
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 but that is not a short-term play so it will take time for that. But for any up move of that type, EURO needs to break 1.27 convincingly.

On the other hand if EURO breaks 1.22 range then it may again re-test lower levels but if it stays above around 1.20 then we can expect a solid reversal, may be around 1.27 range. On the other hand if it breaks 1.20 then its 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 in long-term.

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

NOTEPlease see the disclaimer of this blog.


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