EUR/USD:
The market is now looking to establish below the critical 2011 lows
from January 2011 at 1.2870 and a weekly close below this level will
open the door for the next major downside extension towards the 1.2500
area. Overall, we retain a strong bearish outlook for this market and
look for setbacks to extend towards the 1.2000 handle over the coming
months. While we would not rule out the potential for corrective
rallies, any rallies should be very well capped above 1.3500.
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