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Is The Bull Market On Its Last Legs?

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This aging bull market may…

Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

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EUR/USD: Decline is Approaching First Key Support Area

EUR/USD continues to weaken since its high at 1.3172 (17/09/2012). Prices are now approaching the support area near 1.2755 (11/09/2012 low, see also 38.2% retracement from previous rise and up trendline). Hourly resistance is at 1.2971 (25/09/2012).

The lack of a base formation or sell-off suggests that the recent Euro strength is a rebound within an underlying downtrend. The current weakness near the 38.2% retracement of the decline from May 2011 to July 2012 suggests limited short-term upside potential and the start of a new down phase.

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