Euro Still Range Bound

12/05/2008 9:29 am EST

Focus: FOREX

Thomas Aspray

, Professional Trader & Analyst

chart

The euro bounced from the October lows at 1.2330 to a high of 1.3289, but the ranges have continued to narrow. The daily triangle formation is most likely a continuation pattern. A break below 1.2400 projects a drop to the 1.1500-1.1700 area. Jobs numbers Friday could be the catalyst. Key resistance now at 1.3100.

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