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EUR/USD: Look to fade modest rallies - TDS

FXStreet (Bali) - According to Shaun Osborne, Chief FX Strategist at TDS, risk remains that any EUR/USD short squeeze will fade unless 1.2750 is re-taken.

Key Quotes

"We have been a little cautious on calling for still lower levels in EURUSD in the short run because of the extended nature of the move down but there is scant sign of a rebound developing this week, today’s bid (so far) in the market notwithstanding."

"The sell off has accelerated over the past month and the bar to any sort of stabilization, let alone a reversal, is quite high at this point. Resistance on the daily chart stands at 1.2738 today which converges with an important resistance point from a broader point of view as well."

"Trend momentum is bearish but looks extended. We think a correction is overdue but the market may want to extend lower in the next few weeks before thinking about squaring up into the calendar year-end."

"Below 1.2500/10 near-term support would suggest a renewed pick up in the sell-off. Look to fade modest rallies for now but stand back if the market gets above 1.2750."

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