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55-DMA The Line In The Sand The......>

EURO-YEN TECHS
EURO-YEN TECHS: 55-DMA The Line In The Sand
The 55-DMA at 129.23 is likely to act as a the line in the sand for EURJPY. So
far the level is holding, but the rebound off the lows looks weak and corrective
in nature suggesting bears still have the upper hand. A break below this level,
and the recent low of 129.13, would open the way for a decline towards the
127.15 area initially. Resistance now comes in at 130.30 ahead of the 130.67
level, a break of which is needed to restore the recent bullish structure.

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