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15.05.2012 05:19 PM
EUR/USD Buy Avobe Fractal 1.2767 - May 15, 2012 (Daily Strategy)

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 This morning during the American session, the euro fell sharply around the second weekly support area mainly due to the problems in Greece as the political parties fail to agree on a coalition government which in turn  caused a strong opposition to the austerity measures demanded by the country's multilateral lenders.

On a technical level we observe a very strong fractal formed at the level of 1.2767; this dynamic fractal serves as a support level. We believe that this level around the fractal is a good place to go with the upward bounce of the pair or for conservative ones; we can enter by buying only if price closes today's session above 1.2801 weekly support; our goal therefore will be placed over the last gap in 1.3123

The indicator range is showing strong oversold level. The correction of the euro is expected in the nearest future.

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