Daily Outlook

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EUR/USD daily
Mon, Aug 11 2008, 15:57 GMT
by Dimo Dimov
Karoll
It looks like that the euro finally found a temporary bottom and some correction started. The chart shows my count for the said correction and I expect at least one more high above 1.5082. A key support is 1.4905 and as long as it stays unbroken, further recovery should be expected. However with an eye on the heavy last week's sell-off, this recovery should be only a correction prior no new fall below 1.4905
Trading strategy: 11:14 EST; 16:14 GMT
Long position from 1.4995, stop loss – 1.4900, target - open
Addition to the long position from 1.5008, stop loss – 1.4965, target - 1.5085
Confidence level - low
Published on
Mon, Aug 11 2008, 15:59 GMT
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