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A Word Of Caution On EUR/USD - Goldman Sachs
The next level higher in EUR/USD is 38.2% of the drop since Jul. 1 st at 1.2959, notes Goldman Sachs. "Given the impulsive nature of the decline since May, and the likelihood that it’s now in its 4 th wave of a 5- wave sequence off the May high, it doesn’t seem too likely that the market will extend further than that point," GS argues. "It should therefore be attractive to consider establishing bearish exposure targeting the ’12 low (the bottom of the wedge) at ~1.20 with a close stop above 38.2% retrace at 1.2959," GS advises. The only concern at this point, according to GS, is the fact that the German/U.S. ... (full story)
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