The euro continues the consolidation that has existed for several days. If the euro cannot overcome the 1.3050 level it is likely that it begins to weaken and that in the next few days it will be negotiated on the levels of 1.28 and 1.27.
However, remember that there is a bullish primary trend line; it takes a lot of efforts to stay above it. A strong fundamental fact may carry the euro down and break its uptrend line. At the macro level, there is the potential for negative headlines from the European Union, still struggling with debt problems.
Therefore, we are very attentive to the breakdown of the main trendline. If you are buying this pair it is recommended to set your stop loss at 1.29. It is likely that at this level a break lower can be observed and you may make a big loss.
In the short term, we recommend buying the return of the daily support of 1.2950, with targets towards 1.3005 and 1.3120.
The technical indicator is about to blow up or down. We recommend caution.
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For detail explanation and best discovery on market trends you may visit via EUR/USD 1.3005 (fractal) For November 01, 2012 (Daily Strategy) . Thanks for your support on EUR/USD 1.3005 (fractal) For November 01, 2012 (Daily Strategy)
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