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Alert - 09:40 (CET) - EurUsd waiting for the House of Representatives' veredict
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The EurUsd is trading at 1.3841, ranging from 1.3773 to 1.3902. The current price is over yesterday's close at 1.3819. Checking the hourly graphics, the 20- and 200-day Exponential Mobile Averages (EMA) are under the 50-day EMA.
The resistances are at 1.4174 (October 1st high), 1.4426 (September 30th high) and 1.4867 (September 22nd high). On the other hand, as the supports at 1.4000 (key) 1.3551 (September 11th low) were broken, they're still keeping an eye on the support at 1.3551 (September 4th 2007 low).
The President of the ECB, Jean-Claude Trichet, announced that the interest rates would remain in the 4.25%, but added that he had been one step away from cutting them. The EurUsd market is expecting that that will be the next step by the ECB.
This way, the Euro registered new 2008 lows at 1.3747 dollars. It's worth reminding that the pair will have reasons to react in the US session.
At 14:30 (CET) we will know the US Non Farm Payrolls and, half an hour later, the session in House of Representatives in the US Congress will start and vote the financial sector bailout plan.
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 45 points, rebounding from the oversold area. The volatility per hour is 120 pips. Going with the daily graphics, we see that the current price is just under the 23.60% (1.4204) and over the 38.20% (1.3080) Fibonacci retracement lines.
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