Tuesday July 31, 2007 - 13:07:18 GMT
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Daily Forex Market Commentary for 7/31/2007
Tuesday, July 31, 2007 8:00 GMT 7/31/2007
Daily Forex Market Commentary
By: Cornelius Luca, Currencies Analyst, GFT
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The euro/dollar managed to recover from a new low for its recent decline and the strength of its bounce threatens more gains today. The medium-term decline should persist, but should resume later this week.
Resistance now looms at 1.3732. Strong support follows at 1.3775. There is a pivotal high at 1.3853. Distant resistance is now pegged at 1.3935.
Initial support is at 1.3665. Support follows at 1.3625 from the 38.2% Fibonacci retracement level of the June 13 â€“ July 24 leg of the uptrend and then at 1.3605. Next level is at 1.3555.
Oscillators are mixed.
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