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EURUSD - Settles Above 1.11 after ECB Holds Rates Steady

 

 
In the last two weeks the EURUSD has rallied well and been able to push through the current key level of 1.11 which has been providing stiff resistance for several weeks. It is now likely to find some support at this level should it retrace and test it. Throughout all of November, the EURUSD traded back and forth between 1.10 and 1.11 meeting support and resistance at these levels. Earlier in the month, it made another strong rally off the 1.10 level back to 1.11, after falling sharply from near several month highs close to 1.12.
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European Central Bank (ECB) Interest Rate Decision

Today at 12:45pm UK Time. ECB Interest Rate Decision is announced after the ECB meetings, on which the monetary policy of the euro zone is discussed. The decisions is based on the inflationary outlook and economic growth. F: 0.0%, P: 0.0%. #EURUSD may test 1.10.

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European Union Gross Domestic Product (GDP) q/q

Today at 10:00am UK Time. EZ GDP q/q reflects the changes in the total value of all goods and services produced in the euro area in the current qtr compared to previous, and is used to rate of the economic growth and living standards. F:0.2%, P:0.2%. #EURUSD may test 1.10

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Valutrades Market Blast Technicals :: 3 December 2019

Welcome to this week’s Market Blast Technicals where we will look at Gold (XAUUSD), EURUSD, GBPUSD, EURGBP, the NASDAQ (US100), WTI (US Oil), CADJPY and USDCAD.

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Market Recap: 25 - 29 November

 

 
On Tuesday last week we covered UK Oil which continued to trade above the key $63 level before dropping sharply back towards $60 to finish the week. After meeting resistance at the key $63 level for several weeks, UK Oil had poked its head above this level in the last week or so attempting to maintain a break higher. During last week it had also started to receive some support at the $63 level however this quickly gave way as excessive selling pressure forced it lower.
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EURUSD - Rests on Support at 1.10 as President Lagarde Calls for New Policy

 

 
In the last week the EURUSD has fallen again back down to one of the current key levels of 1.10 after threatening to break through the 1.11 level, only to meet stiff resistance there. It made another strong rally off the 1.10 level back to 1.11, after falling sharply from near several month highs close to 1.12. The 1.10 level has now provided strong support in the last two weeks propping the currency pair up after the fall to start the month. It will be interesting to see if this support can continue to stand tall and maintain the current range.
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Market Recap: 18 - 22 November

 

 
On Tuesday last week we covered the AUDUSD which continued to decline steadily lower towards the key 0.6750 level. In fact, in the last three weeks the AUDUSD has steadily but surely eased away from a three month high above 0.69 and moved back down below the key 0.6850 level, into its popular range between 0.6750 and 0.6850. Leading up to the three month high, the AUDUSD had been slowly moving higher achieving higher peaks and troughs to rally off its ten year low around 0.6670 reached earlier last month.
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Germany Gross Domestic Product (GDP) q/q

Today at 7:00am UK Time. Germany GDP q/q reflects the monetary value of all goods and services produced in Germany during a given quarter compared to the previous quarter, and is the key indicator of the national economy growth. F: -0.1%, P: -0.1%. #EURUSD may drop below 1.10.

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EURUSD - Resistance at 1.11 Stands Tall after ECB Minutes

 

 
In the last few days the resistance at 1.11 has fended off a strong rally in the EURUSD pushing it lower and keeping it within the range between 1.10 and 1.11. It made the rally off equally strong support at 1.10 after the EURUSD fell sharply from near several month highs close to 1.12 down to a one month low just below 1.10. The 1.10 level provided support propping up the currency pair after the fall and is likely to do so again if called upon shortly.
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Valutrades Market Blast Fundamentals 18 November 2019

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