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From : FX Daily Hotline: 19 December 2014
Chart of the day: Euro tests base theory v £


The Euro has been rangebound against the British Pound for a number of months.  The latest reaction from the upper boundary; at the 200-day moving average, puts the basing hypothesis under the microscope.  The single European currency points towards the floor area at £0.7867, which is close to the 2012 platform at £0.7755.  A breach would renew the downtrend from the 2013 ceiling near £0.8800.


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