EURUSD INTRADAY US Session SPOT Tuesday 12th July 2011

After yesterday heavy losses for the single currency, & continuing downside being experienced during the Asian session overnight, this mornings bounce to the upside would have been a surprise to some traders, with many potentially casualties being chopped up in the 100 pip move. Our view going into the US session this afternoon is still a bearish one. Concerns over Italy in particular still remain. Contagion fears RE Spain, Portugal, Ireland remain. And of course Greece isnt going anywhere. We retain a bearish view, without expecting any moves of major aggression.

STRATEGYSHORT ENTRY STOP 1ST TARGET 2ND TARGET 1..3970 1.4018 1.3903 1.3842

KEY LEVELS

1.4084 1.4018 1.3970 1.3940 1.3859 1.3842

Pivot Daily Support Level May Low S1 February High Resistance this morning

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