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We were correct on our technical analysis about the breakout.  It happened both from the technical viewpoint and also from the poor political sentiment in the Eurozone and Cyprus.

At the time of the earlier post, the spot rate was at 1.2840 and after the breakout, it reached a low of 1.2749 at 10pm Singapore time.  Since then, it has recovered and is presently sitting around the 1.2788 level.

The Hourly chart shows another potential breakout with the current spot trend on the upper band of the bollinger bands.  The critical German unemployment rate at 4:55pm Singapore time will the catalyst for the breakout.

Employment still bad in Germany and we suspect that the unemployment rate will come in worse than the forecasted -2.

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