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Eurozone Meeting
Monday, 12 November 2012 06:29 GMT+2
 The euro/usd held above its two-month low during Asian trade on Monday after Greece’s secured enough votes in parliament to approve the 2013 budget law.  The euro high a high of $1.2736 against the dollar however, gains were limited as the market will be waiting for euro zone finance ministers later during the day.  Japan’s GDP contracted 0.9% in July-September from the previous quarter, which, happened to be its first negative reading in three quarters.
 
Technical Analysis
Currency Pair EUR/USD GBP/USD EUR/GBP USD/JPY EUR/JPY EUR/CHF DOW
Resistance 2 1.2790 1.6020 0.8075 80.60 101.75 1.2120 12920
Resistance 1 1.2745 1.5955 0.8030 78.80 101.40 1.2090 12825
Market   1.2727 1.5905 0.8000 79.45 101.15 1.2060 12780
Support 1 1.2690 1.5880 0.7960 78.85 100.80 1.2000 12700
Support 2 1.2640 1.5850 0.7920 78.60 100.40 1.1970 12665
 
 
Trade Idea
The pair touched its 200 moving average on the four hour chart but a strong rebound from that level signals that the pair should be bought in dips.  As long as the pair remains above last Friday’s low of 79.06, then pair should attempt a move towards the 80.00 level once again.

 
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