Monday June 13, 2005 - 08:23:30 GMT
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EUR/USD Daily Outlook
EUR/USD - 1.2090
Update Time - 08:00GMT
As euro's downtrend has resumed after Friday's narrower-than-expected U.S. trade deficit, suggesting marginal weakness below 1.2065 is envisaged, however, 'loss of momentum' would limit downside to psychological support at 1.2000 and risk from there has increased for a correction later.
On the upside, a breach of 1.2176 (previous support) would signal a temporary low is made, however, res at 1.2245/50 is expected to remain intact.
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