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Alert - 09:25 (CET) - EurUsd breaks 1.30 dollars
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The EurUsd is trading at 1.3174, ranging from 1.2942 to 1.3292. The current price is over yesterday's close at 1.2963. Checking the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are over the 200-day EMA.
As the ching the supports at 1.2500 (key), 1.2324 (January 2006 high) and 1.2000 (key). Aas the resistances at 1.2733 (October 23rd high) and 1.3000 (key) were broken, the traders contemplate the next at 1.3353 (October 21st high) and 1.3769 (October 14th high).
Since the 1.2330 dollars from the begining of the week that the Euro is making an extraordinary recovery. The fact that the stocks are climbing after the strong declines is triggering a renewed appetite for high yielders.
With the 50bp rate cut by the Fed, the stocks are feeling more relieved, as these type of actions will make the global recession to last less time than anticipated. So, in the last 24 hours, we are witnessing a pronounced selling of safe haven currencies like the Yen and the Dollar.
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 62 points, rebounding from the overbought area. The average volatility per hour is 550 pips. Going with the daily graphics, we see that the current price is over the 38.20% (1.3055) and under the 23.60% (1.4187 Fibonacci retracement lines.
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