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Alert - 17:50 (CET) - Dollar still firm against the Euro
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The single currency keeps losing ground against the Dollar. The drop in the consumer prices in the Eurozone gave more reasons for the ECB to cut the cost of money, reducing the gap between the interest rate differentials. Also, the crude oil price drop, a reflex of the worries about the economic downturn, helped the greenback to shine its safe haven condition.
This way, the Euro is near its intraweek lows at 1.2567, losing 2.22% against the Dollar, this session.
The EurUsd trading at 1.2653, ranging between 1.2645 and 1.957, 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).
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 25 points, in the oversold area. The average volatility per hour is 300 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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