Wednesday, September 22, 2010

Citigroup (NYSE:C) Says Sell Euro (EUR/USD) Against Dollar

Citigroup (NYSE:C) recommends investors to sell the euro against the dollar (EUR/USD), as it closed in on a one-month low against the U.S. dollar.

Citing technical indicators, Citigroup said investors should take a short position, or in the case of an order to sell, at $1.3095 with a target level of $1.2588.

In a note to clients, Citi technical analysts said, “We believe it is best to wait and see what happens around these levels.”

Lead technical analyst Tom Fitzpatrick said the euro may appreciate to 41.3334 if there is a breakthrough from $1.3158 to $1.3228.

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