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Forex: EUR/USD: Euro breaks above 1.4050 and approaches 1.4100

Thu, Jun 11 2009, 14:39 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - The Euro has launched an aggressive recovery from 1.3970 low after U.S,. data was released, and d the pair has rallied about 130 pips in two hours, breaking above 1.4050 resistance level to right below 1.4100.

Initial resistance level lies at 1.4100 (Jun 9 high), and above hee, 1.4145 (Jun 10 high) and then 1.4200/10. On the downside, initial support lies at 1.4050 previous resistance, and below here, intra-day low 1.3945/55 area, and 1.3915 (Jun 10 low).

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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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