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Euro Hits 2-Month Low
Tuesday, 13 November 2012 06:31 GMT+2
 The euro hit a two month low against the dollar on Tuesday after the euro zone and the IMF failed to agree on a long-term plan to reduce Greece’s debt.  With aid funds from international lenders blocked until some type of agreement is reached, Greece will have to sell treasury bills on Tuesday to refinance a 5 billion issue maturing on Friday.  The eur/usd fell to a 1.2676 during Asian trade.  The Aussie fell to a low of 1.0400 against the dollar after Business Confidence data fell in October to its weakest level in more than three years.
 
Technical Analysis
Currency Pair EUR/USD GBP/USD EUR/GBP USD/JPY EUR/JPY EUR/CHF DOW
Resistance 2 1.2790 1.5955 0.8030 80.00 102.15 1.2120 12915
Resistance 1 1.2740 1.5910 0.8010 79.61 101.25 1.2100 12840
Market   1.2686 1.5865 0.7992 79.25 100.55 1.2050 12718
Support 1 1.2630 1.5825 0.7975 79.07 100.15 1.2030 12700
Support 2 1.2560 1.5790 0.7920 78.86 99.50 1.2000 12660
 
 
Trade Idea
 
USDCHF
The pair closed above the 0.9495 resistance level on the four hour chart. We expect come consolidation to occur around this level, with any dips seen should be an opportunity to buy.  Target 0.9532 and 0.9580.

 
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