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Euro and yen continue lower
Friday, 16 November 2012 17:59 GMT+2
 The euro is lower across the board today as dispute among Greece’s international lenders and weak economic data over the last few days weigh on the currency. The euro is down across the board, losing 0.60% against the dollar, 0.50% against sterling and 0.50% against yen. The yen will post its worst weekly loss since mid-February on expectations of aggressive monetary easing from the Bank of Japan. Shinzo Abe, the leader of the main opposition party in Japan and probably the country’s next leader called for the BOJ to adopt sub zero interest rates to stimulate the economy and is an advocate of more monetary easing.
 
Technical Analysis
Currency Pair EUR/USD GBP/USD EUR/GBP USD/JPY EUR/JPY EUR/CHF DOW
Resistance 2 1.2800 1.5925 0.8075 81.80 104.00 1.2100 12870
Resistance 1 1.2780 1.5895 0.8050 81.45 103.85 1.2070 12650
Market   1.2700 1.5840 0.8020 81.25 103.20 1.2040 12480
Support 1 1.2660 1.5820 0.8000 80.60 103.00 1.2000 12400
Support 2 1.2600 1.5770 0.7960 80.25 102.10 1.1970 12320
 
 
Trade Idea
 
AUDUSD 4h chart
 
The pair has broken the descending trendline and looks poised for more losses. An approach to 1.0350 would be considered a selling opportunity targeting 1.0160.

 
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