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Alert - 16:05 (CET) - Dollar firm against the Euro
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The macro data known today didn't fare well for the expectations of a quick rebound in the world's economy. Today, it was the turn for the services sector, that showed declines in the PMI in the Eurozone, Germany and UK.
This way, the agents are seeking dollar or yen assets, increasing the demand for both currencies. The single currency is then trading near its intraday lows at 1.2602 against the greenback.
The EurUsd trading at 1.2629, ranging between 1.2602 and 1.2742, under yesterday's close at 1.2714. Checking the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
The traders are watching the supports at 1.2500, 1.2324 (January 2006 high) and 1.2000 (key). The resistances are set at 1.2733 (October 23rd high), 1.3000 (key) and 1.3353 (October 21st high).
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 41 points, rebounding from the oversold area. The average volatility per hour is 150 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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