Wednesday, November 10, 2010

EUR/USD Range Bound Possible

EUR/USD hovering near lower bollinger band and near it's short term support at 1.3730. CCI also showing oversold level. Maybe, it's time for a bounce.
Our daily bias remains neutral. We think EUR/USD might get stuck in a range bound between 1.3730 and 1.4250 in near term. See the chart below.
Break below 1.3730 will cause a major damage to it's recent upside move.

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