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9 Sep 2013
Flash: Selling EUR bounces still name of the game - JPMorgan
FXstreet.com (Barcelona) - The squeeze off lows in EUR/USD last Friday was aided, as JPMorgan Strategists note, by broad based liquidation of USD long positions which built up after the upbeat Non-Manufacturing ISM.
Key Quotes
"Bears will still be in control while we stay below 1.3220."
"Respect 200 DMA at 1.3148 as the interim support for Asian time zone and will still inclined to sell into those stop loss price action if we see towards 1.3230 with stop above 1.3260 for now."
"Maintaining the short bias in crosses, EURAUD and EURGBP will be again slow grind south, selling those bounces towards 1.4350 and 0.8440 respectively."
Key Quotes
"Bears will still be in control while we stay below 1.3220."
"Respect 200 DMA at 1.3148 as the interim support for Asian time zone and will still inclined to sell into those stop loss price action if we see towards 1.3230 with stop above 1.3260 for now."
"Maintaining the short bias in crosses, EURAUD and EURGBP will be again slow grind south, selling those bounces towards 1.4350 and 0.8440 respectively."