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10 Sep 2013
Flash: EUR likely to be supported on dips - JPMorgan
FXstreet.com (Barcelona) - JP Morgan Asia Spot Desk Strategists note how sellers were forced to bail out from EUR/USD once price cracked the post ECB high of 1.3225, tripping stop loss positions, also aided by rounds of short cover in EUR crosses.
Key Quote
"Given DXY trading back below 81.697, EUR is likely to be supported on dips but the key level is 81.596 (200DMA) and 1.3278 (daily Kijyun line) Thus trade this range bound with slightly short bias 1.3230-1.3280 but reassess above that level with growing skeptical well ahead of the Fed next week and congress still waiting to vote for Syrian militarily action."
Key Quote
"Given DXY trading back below 81.697, EUR is likely to be supported on dips but the key level is 81.596 (200DMA) and 1.3278 (daily Kijyun line) Thus trade this range bound with slightly short bias 1.3230-1.3280 but reassess above that level with growing skeptical well ahead of the Fed next week and congress still waiting to vote for Syrian militarily action."