Prospect Of Rate Hike Hits The Euro

Prospect Of Rate Hike Hits The Euro via ZIFX.com: EUR/USD Open 1.3587 High 1.3653 Low 1.3561 Close 1.3592 On Wednesday Euro/Dollar decreased with 60 pips. The European currency depreciated from 1.3653 to 1.3561 yesterday, not matching the positive money flow sentiment at almost +7%, closing the day at 1.3592. This morning the Euro is trading quietly, with movements at the lower end of yesterday s range for now. On the 1 hour chart the downward channel has turned into range trading, while on the 3 hour chart trading is within wide range. Break above the nearest resistance and yesterday s top at 1.3684 may trigger further strengthening of the Euro. Going below yesterday s bottom and first support at 1.3561, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3445. Today s focus is on Germany CPI and HICP, ECB Monthly Report, and U.S. Initial jobless claims, Retail sales and Business inventories, at 7, 9, 13:30 and 15 GMT respectively. Quotes are
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