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Forexpros.com Daily Analysis - 01/12/2010

Euro:

On daily, has continued to break lows on over extended moves. Next major support areas are previous highs at 1.2916 and lows at 1.2588.

On the 15min chart, still in a series of measured moves short, with 50% short at 1.3052 having a reaction. Daily pivot at 1.30332 may help hold market down. Line in sand at 1.3072.

Pound:

On daily, pound has continued to hit new daily lows and has reached a major support (previous highs) area at 1.55206.

On 15min chart, still in extension short, with 50% at 1.56042, with target at 1.54257. Line in sand is at 1.56328.

Yen:

On daily, Yen is puling back after hitting daily targets. Extension long at 50% at 83.206, may serve as the next bounce point, with a target at 84.995.

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