RBS - We recommend establishing short EUR/USD exposure at 1.3065, targeting 1.2650

Royal Bank of Scotland - "A generally stronger appetite for risk oriented currencies due to the resolution of the US fiscal cliff, positioning, and year-end seasonals may all have contributed to EUR/USD strength going into year-end, despite the rally not being supported by fundamental factors in our view. But we expect increased funding pressure on Spain during the New Year, a rate cut by the ECB, and, potentially, a renewed US fiscal debate over the fiscal cliff to result in a decline in EUR/USD in the near-term, putting the pair better in line with its fundamental drivers. Accordingly, we recommend establishing short EUR/USD exposure at 1.3065, targeting 1.2650, just below the recent November 13 low, with a stop-loss following two consecutive closes above 1.3310, a level which has acted as resistance twice in the past month and may have formed a double top."

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Tags: EUR/USD, EURUSD, EURUSD Short, RBS, Royal Bank of Scotland, Short EUR/USD

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