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19 Jun 2013
Flash: EUR/USD running out of steam, decline below 1.3325 key - ANZ
FXstreet.com (Barcelona) - The broader profile of range defining should return in EUR/USD, says Tim Riddell, Head of Global Markets Research at ANZ, suggesting that the impressive leg off 1.2795 lows is running out of steam.
According to Riddell, "Although potential for further gains to 1.3475-1.3500 should not be ignored, shorter term indicators suggest that the move off 1.2795 is virtually over, and slippage below 1.3325 could be enough (confirmed below 1.3250) to trigger a sharp slide to the 1.3025-1.3125 area if not a deep, position flipping decline to test 1.2700 within a broader 1.25-1.37 range."
According to Riddell, "Although potential for further gains to 1.3475-1.3500 should not be ignored, shorter term indicators suggest that the move off 1.2795 is virtually over, and slippage below 1.3325 could be enough (confirmed below 1.3250) to trigger a sharp slide to the 1.3025-1.3125 area if not a deep, position flipping decline to test 1.2700 within a broader 1.25-1.37 range."