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Euro recovers further
Thursday, 22 November 2012 17:10 GMT+2
News & Events
The euro has climbed further today against the dollar and the yen, on renewed expectations for a positive decision on Greece. In particular against the Japanese yen the common currency has hit a six and a half month high at 106.56 helped by the flash manufacturing German PMI data which came out better than expected. The afternoon session is expected to be rather quiet as Americans have joined their families for ‘’Thanks Giving day’’.  
 
Technical Analysis
Currency Pair EUR/USD GBP/USD EUR/GBP USD/JPY EUR/JPY EUR/CHF DOW
Resistance 2 1.3015 1.6005 0.8150 83.35 108.00 1.2110 13100
Resistance 1 1.2900 1.5975 0.8100 82.80 106.55 1.2075 12950
Market   1.2880 1.5945 0.8075 82.45 106.15 1.2045 12830
Support 1 1.2820 1.5925 0.8060 82.25 105.90 1.2035 12700
Support 2 1.2750 1.5905 0.8000 81.45 103.95 1.2020 12600
 
 
Trade Idea
 
USDJPY Daily Chart:
 
The pair is clearly on an uptrend. It can be bought at dips targeting either short or medium to long-term returns. Decent support though lies way lower near 81.45 area. 
 
 
 
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