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EUR - USD 14 MAY 2009 ( RESULT PROFIT )

The EUR/USD has traded in a tight 1.3618/1.3650 range this morning in Asia, with the high seen just prior to the Tokyo fix and then the pairing slipped to the low, as U.S. names sold and now consolidates mid range. The hourly technical momentum studies were overbought at the open and have now reset to neutral levels during this period of tight range trading, while the Nikkei is extending gains and currently trades up 1.66%, which should provide underlying support. We look for further range trading this afternoon with an upward bias. Resistance starts at last night"s 1.3665/70 high, with Wednesday"s trend high behind at 1.3720/25, while support comes in at 1.3520/25, yesterday"s low and the 10 day moving average that has held on this move up. The EUR/USD trades 1.3632/37.

11PIPS WITH ROKOKSALEM

SELL/SHORT : 1.3589 ET /TP: 1.3578 SL: 50PIP
 

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