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15.05.2012 09:53 AM
EUR/JPY Shy at 102.00

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Technical Outlook and Chart Setup:

As depicted above, the single currency is moving modestly at our first measured downside extension at 102.00 levels. Please conider the fact that whenever a Fibonacci level has been reached, the prices have a tendency to bounce back. We recommend to book partial profits (around 102.10/15) before the Fibonacci target has been reached. We should take into account another sell entry around 104.00-104.50 levels in the comisng sessions.

Trade Recommendations:

Sell-deals are recommended around 104.00-104.50, Stop Loss at 105.50 with 102.00 and 100.50 seen as targets. Book partial profits near 102.10/15 levels.

 

Good Luck !

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