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Traders Kick Dollar While It's Down Print
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Written by Jason   
Tuesday, 09 May 2006

Euro

Comments: 

The Euro continued its weekly dominance against the dollar hitting the 1.2790 - a 52-week high. A squeeze beyond this resistance may lift the euro to 1.3085, our subsequent target.  Macroeconomic conditions favor a weaker dollar with an anticipatory Fed pause in rate hikes, whilst ECB and BoJ are primed to raise rates.

Recommendations:

Buy supports down to the 1.2300 level as the daily trend is bullish. Take profits at meaningful resistance levels.

 ClockworkFX's Forex Insight - May 9, 2006

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