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Alert - 09:35 (CET) - EurUsd
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There's no doubt that all eyes will be turned to what happens in the US today. At 20:15 (CET), the FOMC will announce its interest rate and the market has already priced in, at least, a 50bp cut. Also, at 14:30 (CET), the Goldman Sachs' results from the fourth quarter will be released, so the Forex traders are in for a big day.
The decline in the Asian stocks was dragged into the European opening. It is evident the worries about a deeper global economic slowdown persist and, in consequence, the appetite for high yielders dropped a bit.
In any case, we shouldn't forget that the traders in Forex will concentrate in what happens to the interest rate differentials between the Fed and the ECB. This differential will widen today, benefiting the latter.
The EurUsd is trading at 1.3698, ranging between 1.3673 and 1.3737, over yesterday's close at 1.3688. 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) and 1.3687 (October 15th high) were broken, the traders are now watching the next at 1.4000 (key) and 1.4867 (September 22nd high).
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 61 points, after having been overbought. The average volatility per hour is 210 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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