Tuesday, November 10, 2009

Euro May Strengthen to Record, SocGen Says: Technical Analysis

(Bloomberg) -- The euro may climb to a record against the dollar should it break through a so-called resistance level at $1.5065/85, Societe Generale SA said.The European currency would then have to breach $1.5290/$1.5305 before advancing to the record of $1.6038, which occurred on July 15, 2008, technical strategists including Hugues Naka in Paris wrote in a research report today. The first resistance level is formed by the October high and the upper end of a tentative rising channel, while the second level is created by the pullback from its record high, they said.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a6Ro2gm8zNJQ

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