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Stops above 1.3085 send EUR/USD to 1.3111

By   || January 26, 2009 at 14:23 GMT
|| 1 comment || Add comment

EUR/USD managed to trigger stop-loss buy orders above the important area of resistance between 1.3070 and 1.3085. Prices ramped up to 1.3111 before pausing. 1.3144, the 61.8% retracement of the 1.3378/1.2763 decline is the next area of resistance for EUR/USD. Signs that the ECB is trying ward off a potential currency crisis, comments which suggest we’re close to a low in ECB interest rates and a rebound in European and US share prices are helping support EUR/USD near-term.

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One Response to “Stops above 1.3085 send EUR/USD to 1.3111”

  1. fxquant - Dennis on January 26th, 2009 14:28 GMT

    Will this make the EU/ECB a “good” currency manipulator in the Obama administrations eyes?

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