Technical Outlook

Bulls extend above 1.10 after 1% rally on Thursday

The Euro extends advance and broke above 1.10 barrier on Friday, following strong rally on Thursday (the pair was up over 1% in the biggest one-day gains since 5 Aug). Dovish shift from Fed that raised expectations for rate cut, deflated dollar and gave fresh boost to the single currency. Today’s break of psychological 1.10 barrier (also 50%…
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Bears take a breather after steep fall in past three days

The pair edged higher in early Wednesday’s trading, in consolidation after steep fall in past three days as dollar was sold on rising expectations of Fed rate cut. Growing fears of coronavirus pandemic after signs of rising numbers of new virus cases are expected boost risk aversion and keep the pair under pressure. Tuesday’s action generated…
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The dollar holds in red for the third straight day

The pair extends weakness from double rejection at 112.22/18 into third day and retests Fibo support at 110.39 (23.6% of 104.44/112.40 ascend) which contained Monday’s fall. Dovish steer from Fed in rising expectations that the US central bank may cut interest rates this year increased pressure on greenback. Fresh bears so far retraced 76.4% of…
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