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Alert - 10:25 (CET) - EurUsd
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With the equity markets in the US closed yesterday and open only three hours today, the Forex crosses didn't have much reasons to make significant rallies. This way, the Euro is at the same levels from last session, at 1.2900.
For the fifth consecutive week, the EurUsd market consolidated the 1.2500 - 1.3000 range. Possibly, we won't see big movements this session, but only next week, when all markets return to their normal schedule.
As the ECB will be announcing its interest rate decision, plus the influent post-decision speech by Jean-Claude Trichet, the major is resting, but looking ahead to the next sessions.
The EurUsd trading at 1.2879, ranging from 1.2874 to 1.2957 and under yesterday's close at 1.2904. Checking the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are over the 200-day EMA.
The traders are watching the supports at 1.2500, 1.2324 (January 2006 high) and 1.2000 (key). As the resistance at 1.2733 (October 23rd high) was broken, the traders are challenging the next at 1.3000 (key). If broken, they'll target the next at 1.3353 (October 21st high). Still, like we said before, the 1.3000 barrier has been difficult to break.
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 42 points, rebounding from the overbought area. The average volatility per hour is 80 pips. Checking the daily graphics, we see that the current price is under the 38.20% (1.3063) and over the 50.00% (1.2141) Fibonacci retracement lines.
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