It will be worthwhile to note that we are starting to see some bullish reversal pattern for EU in the daily chart. This might mean that a correction for the pair might be in place targeting the resistance area at 1.3800/50. However the longer term trend is still down at the moment and i still prefer to sell on rallies until we see a more solid change in trend, keep an eye for the R at 1.3800/50.Fundamental wise:
There seems to be some optimism for Greece as Greek PM Papandreaou will put in some 4-5 billion euros in deficit cuts ahead of the meeting with German Chancellor Merkel later in the week, so this seems to support the pair and i will expect more short coverings as we proceed into the week.
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