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EUR - USD 6 MAY 2009 ( RESULT PROFIT )

EUR/USD opened New York around 1.3395 on the rebound from 1.3323 lows overnight. The pair surged on a topside probe for option barriers, 1.3439 purportedly the peak, rumours were of 1.3440 barriers, others reckoned the real level was 50 but the defenders weren"t taking any chances. European PMI data was at the low end of expectations at -0.7 m-on-m and should have weighed on the single currency, but there was a strong negative sentiment toward the USD going into the open, and that"s why the rally emerged. Equity markets had rebounded on the details of UBS" results (expense cutting) and shrugged off the almost $2bn qtly loss. Talk that 10 banks on the stress test list need fresh capital, conflicting price action in gold vs equities, all weighed on sentiment. EUR/USD sold off, partially due to topside failure, profit taking, but also vulnerable stops - the latter triggered at 1.3320 and 1.3300 forced 1,3280 lows; the close 1.3340 with US equities down 0.2/0.55%.

11PIPS WITH ROKOKSALEM

BUY/LONG : 1.3368 ET /TP: 1.3379 SL: 50PIP
 

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