Get Ready for a Euro Rally

05/20/2010 12:01 am EST

Focus: FOREX

Michael Riordan

Founder and President, Focus Trading, Inc.

The euro has been below the Multiple Linear Regression (MLR) line since April 15, and a breakout above yesterday's MLR at 123.46 would signal the beginning of a short-covering rally targeting the Adaptive Moving Average (AMA) at 128.07. The RSI is also oversold, so heads up!

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