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EZU (MSCI EMU Index Fund) is approaching a supply zone (=~ 32.30 – 33.20), which also happens to confluence with the 50% Fib Retracement of the downward move from May – Oct 2011.
There has been some bullish news out of Europe recently, primarily due to the potential of a near term Greek bailout deal, after Germany appears to have signaled it’s backing. As such the price could very well blow past this level. However, I will be watching this zone closely and would look to take a short position if there are reversal candles or bearish price action.