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Eurogroup's Juncker Euro "Dangerously High"

Posted by Joseph Trevisani on Jan 15, 2013 5:17:00 PM

The euro plummeted to a four day low of 1.3264 against the dollar after Eurogroup President Jean-Claude Juncker said the euro exchange rate was "dangerously high" to Bloomberg News.

The euro fall was very rapid, taking barely five minutes to drop from 1.3338 at 1:52pm ET to 1.3264 at 1:57 pm. Stop loss executions below 1.3300 pushed the pair to the bottom, followed by a 20 point rebound.

The Eurogroup is the meeting organization of EU finance ministers. Jean-Claude Juncker is  the Prime Minister of Luxembourg.

Support at 1.3250, 1.3175 and 1.3100. Resistance is at 1.3400 and 1.3474. Moving averages: 14 day 1.3193, 55 day 1.3020, 200 day 1.2784.

Joseph Trevisani

Chief Market StrategistScreenHunter 396 Jan  15 14 48 resized 600

WorldWideMarkets

Topics: EURO, forex trading

 

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