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16th Oct 2014 EUR/USD Analysis

16th Oct 2014 EUR/USD Analysis

dollar, Draghi, ECB, EUR/USD, EUR/USD Forecast, EURO, European Central Bank, EURUSD analysis, EURUSD outlook, EURUSD technical analysis, Mario Draghi, referendum, spain, U.S Dollar, USD, EUR/USD outlook, EURUSD forecast Euro pushes itself out of the downtrend channel and is expected to meet with resistance at 1.282-1.284 before next higher resistance at 1.288-1.29

dollar, Draghi, ECB, EUR/USD, EUR/USD Forecast, EURO, European Central Bank, EURUSD analysis, EURUSD outlook, EURUSD technical analysis, Mario Draghi, referendum, spain, U.S Dollar, USD, EUR/USD outlook, EURUSD forecast The downtrend channel was sharply broken by the U.S Core Retail sales month on month change which gave U.S dollar optimists a run for their money. Current resistance at 200 moving average as market exhausts

dollar, Draghi, ECB, EUR/USD, EUR/USD Forecast, EURO, European Central Bank, EURUSD analysis, EURUSD outlook, EURUSD technical analysis, Mario Draghi, referendum, spain, U.S Dollar, USD, EUR/USD outlook, EURUSD forecast 1.2825-1.289 remains the intraday resistance as the Traditional MACD shows bullish action pending a retracement

The world’s economy is under intense pressure as the Euro is facing signs of weakness by the day and has not felt this scrutiny since the sovereign debt crisis that was somewhat put to ease late last year. As the ECB continues to mull over the type and size of monetary stimulus to unleash in increasing their bank balances, the U.S dollar is the shining beacon of hope many wish will lift up its peers in a somewhat gloomy end of the year as monetary policies diverge.

ECB’s Mario Draghi spoke at two events yesterday in Frankfurt which did not give direct impact onto the currency markets, but the main mover was the Core Retail Sales and Retail Sales month on month change, which was followed by the announcement of the Federal Budget Balance. The slowdown in Retail Sales was taken as a rude shock as buyers’ profit taking of the USD saw Euro jump over 200 pips and closed just below 1.289 from the daily support at 1.264. The market does not respond well to a sluggish U.S data nowadays .

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
 Slight Bullish / Near Resistance1.2641.2741.28251.28481.291.297

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