AUD/USD: Unwinding from oversold conditions

EUR/USD Bearish decline targets 1.3146. EUR/USD is holding steady, after extending its sharp decline from key overhead resistance (primarily a 2 year trend and its 200-day average). Bearish momentum remains anchored by heightened contagion fears driven from greater European sovereign debt risk. Expect further downside scope into 1.3146 (Oct swing low) and psychological level at 1.3000, then 1.2870 (2011 major low). Further pressure may also weigh from broad risk-related proxies. The euro

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