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Monday, 9 May 2016

EUR/USD My projection is holding firm

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It looks like the golden arrow I drew a month ago is holding firm and the uptrend continues inside the green channel. Nervousness about the Brexit referendum could cause jitters over the next six weeks. A vote for British exit from the EU would cause a down-spike, but would be followed by protracted negotiations in which actual trading changes would be gradual rather than sudden. Brexit sounds unlikely, but predicting the outcome of a referendum is fraught.

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