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Alert - 17:45 (CET) - EurUsd
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The EurUsd is trading at 1.2680, ranging between 1.2605 and 1.2751, under yesterday's close at 1.2744. Checking the hourly graphics, the 50- and 200-day Exponential Mobile Averages (EMA) are under the 20-day EMA.
As the support at 1.2800 (December 9th low) was broken, the traders contemplate the next 1.2628 (December 5th low) and 1.2500 (key). The resistances, on the other hand, are beiing watched at 1.3000 (key), .3387 (January 19th low) and 1.3799 (January 8th low).
In the current session, the stocks' weakness on both sides of the pond, triggered a global demand for the US Dollar. The safe haven is climbing 0.51% against the Euro. Even though the single currency tried to rebound at 16:00 (CET), it failed to do it. With the intervention of the US Government in the Citigroup Inc. and the worries about the default of sovereign debts from Eastern Europe countries, the traders preferred the liquitidy of the safe haven.
The Eurozone unemployment rate climbed to 7.2% in January and the CPI fell in February, which makes the traders expect about possible ECB rate cuts next week.
Meanwhile, the 60-minute Relative Strength Index (RSI) is at 42 points, rebounding from the overbought area. The average volatility per hour is 150 pips, with the price between the medium and lower channel. Checking the daily graphics, we see that the current price is under the 38.20% (1.3077) and over the 50.00% (1.2160) Fibonacci retracement lines.
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