EURO

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GENERAL OVERVIEW OF EURO MARKET

ISSUE DATE: MAY 15, 2006

Having reached HEC, EURO should fall to IC2 and either:

1. trade in a narrow range between IC1 & IC2 to target 2 or a little higher at the IC1 June 13 junction, or
2. break down through IC2 and into IC3 to finish at target 1. From target 1 a further fall to target 3 would be likely.

In general terms, the C lines are the medium term target even if they are not reached on the target 3 date.