Euro Oversold

08/20/2008 12:00 am EST

Focus: MARKETS

Thomas Aspray

, Professional Trader & Analyst

The Euro's decline ($ rally) has been dramatic as converging support at 1.4700 has been reached. Further support at 1.4500, then in the 1.4300 area. The Euro is quite oversold with RSI3 below 5 on 8.18. A technical rebound is likely with resistance at 1.5000 and the 200 day MA at 1.5230.

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