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Alert - 09:30 (CET) - EurUsd profit takes after the US government rescue of Fannie and Freddie
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The EurUsd is trading at 1.4337, ranging from 1.4251 to 1.4429. The current price is over yesterday's close at 1.4267. Checking the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
As the supports at 1.4500 and 1.4366 (January 22nd low) were broken, the traders contemplate 1.4126 (October 22nd 2007 low), and 1.4000 (key). However, as the 1.4500 and 1.4615 (February 20th low) resistances were broken, they are keeping an eye on 1.4779 (February 26th low).
Since 7:54 (CET) that the singe currency is profit taking, after knowing the intentions of the US government regarding the takeover of Fannie Mae and Freddie Mac, bringing tranquiility to the credit markets.
This way, it's speculated that now the Fed may have more room to hike rates next year, to fight inflation.
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 50 points, near the overbought area. The volatility per hour is 250 pips. Going with the daily graphics, we see that the current price is under the 0.00% (1.6018) and over the 23.60% (1.4185) Fibonacci retracement lines.
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