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Buy Euro Targeting 7% Gain on ‘Trend Exhaustion,’ Lloyds Says

July 5 (Bloomberg) -- Investors should buy the euro at current levels and bet for it to strengthen versus the dollar, according to Lloyds Banking Group Plc.

Traders should target an appreciation to $1.3241 and end the trade if the shared currency falls to $1.2192, Tim McCullough, a technical strategist at Lloyds, wrote in a note to clients today. The euro declined 1.1 percent to $1.2388 at 12:01 p.m. in New York.

The euro’s decline from $1.3487 is at an end amid signals of trend exhaustion, wrote McCullough.

To contact the reporter on this story: Allison Bennett in New York at abennett23@bloomberg.net

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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