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Thursday, December 13, 2012

$EURUSD Morning Commentary

$EURUSD  closed higher on Wednesday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening on Thursday. 

Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off November's low, September's high crossing at 1.3188 is the next upside target. Closes below the 20-day moving average crossing at 1.2945 would confirm that a short-term top has been posted. 

First resistance is October's high crossing at 1.3155. 
Second resistance is September's high crossing at 1.3188. 

First support is the 20-day moving average crossing at 1.2945. 
Second support is the reaction low crossing at 1.2760.