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EUR/USD: enters thin markets with bearish bias

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - EUR/USD has been sold off heavily in the overnight session and made a recovery from the lows of 1.0566 to the consolidation point of between 1.0610 and 1.0641. The European markets were dominated by risk appetite with the greenback coming back into vogue.

    The US data was mixed with the Durable Goods that smashed expectations arriving at 3.0% vs just 1.5% expected and -0.8% previous. The PCE came in line with expectations y/y while M/M missed lower by 0.1%. This would be the last key events from the US as traders headed off to enjoy their Thanksgiving break and markets will now be illiquid as we head toward month end next week before the all key FOMC meeting later in the month of Dec.

    EUR/USD levels

    Technically, the overall bearish theme remains in tact targeting the 1.0560/20 level that is the 2000-15 support line and April low and also the 1.0457 March lows. This all guards the 7 year support line at 1.0254 and parity.
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