Tags Posts tagged with "EUR"

EUR

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After a strong start EUR/USD broke upwards to 1.1083 but was unable to sustain the momentum. A mixed set of data from the Eurozone and uncertainty hanging over approval of a bailout deal in the Greek parliament was enough to turn fragile sentiment bearish.

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Cable jumped as high as 1.5634 before falling back below 1.56 but the move placed the market firmly within an upwards channel again. Disappointing retail sales data from the US also acted as a tailwind by dampening sentient towards the dollar.

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Markets reacted cautiously after a provisional deal was reached on a third bailout deal for Greece. After rallying up to 1.1196 EUR/USD rebounded on technical resistance before any attempt at testing 1.12 could be made.

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The euro rebounded on Friday with EUR/USD rising firmly back within the 1.1149 channel. The euro is experiencing some resistance around 1.1196 which coincides with the upper Fib resistance line.

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Cable had its strongest day in nearly three weeks ending the week at 1.5507. GBP/USD began a steep recover early in Friday’s session reaching an intraday high of 1.5545.

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EUR/USD was trading under the key support at the 50-day moving average line. A break below 1.1010 precipitated further selling pressure and a fall down towards the lower support level at 1.0983.

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The dollar was relatively flat after the publication as it provided few surprises. The committee saw the economy as being robust enough to withstand a rate (possibly in in September) while concerns over Greece were raised as expected.