The best pair to trade now

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EUR/USD: Bullish yet overbought
Wed, Nov 25 2009, 13:53 GMT
by Valeria Bednarik
FXstreet.com Independent Analyst Team
Pair remains strongly bullish despite overbought, with no signs of changing intraday bias for now. Above today’s high of 1.5095, we could expect more upside acceleration, and the pair approaching to the 1.5150 area, 76.4% of the monthly fall from 1.6038 to 1.2330. Over bought conditions at that level should be extreme, offering some counter trend retreat to the 1.5100 area.
Failure to extend the rally, and break under 1.5060 previous yearly high now first support for the pair, show trigger some downside corrective movement with immediate support at the 1.5000/20 area.

Published on
Wed, Nov 25 2009, 13:54 GMT
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Note: All information on this page is subject to change. The use of this website constitutes acceptance of our
user agreement. Please read our
privacy policy and legal disclaimer.
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.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
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