Euro Could Correct Further

06/10/2009 2:49 pm EST

Focus: FOREX

Thomas Aspray

, Professional Trader & Analyst

chart
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The euro has enjoyed a nice rally versus the dollar, having surged above 1.4300 before reversing. The weekly technical studies are positive, as are the 50- and 200-day MAs. Therefore, a further correction should be a buying opportunity. First good chart support is at 1.3700 with trend line and MA support at 1.33-3400.

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