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Alert - 15:55 (CET) - Euro advances against the Dollar
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The single currency took advantage of the positive opening in the European stocks, advancing more than 100 pips against the US Dollar since the opening at 09:00 (CET). The traders are expecting the Fed to cut rates tomorrow, which increases the demand for high yielders.
The Euro managed to break the 1.3600 dollar barrier in the US session, that is also in the green. The EurUsd is trading at 1.3604, ranging between 1.3355 and 1.3604, over yesterday's close at 1.3369. 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 1.3000 (key), 1.2800 (December 9th low), 1.2517 (December 1st low) and 1.2334 (October 27th low). As the resistances at 1.3500 (key) was broken, the traders watch the next at 1.3687 (October 15th high) and 1.4000 (key).
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 77 points, overbought. The average volatility per hour is 230 pips. Checking the daily graphics, we see that the current price is under the 38.20% (1.3920) and over the 50.00% (1.3280) Fibonacci retracement lines.
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