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Euro Firmer

Published 01/19/2012, 03:22 AM
Updated 02/13/2020, 10:25 AM
EUR/USD
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USD/CAD
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USD/MAD
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GUID
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AWRE
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Equities look like they are going to open relatively unchanged and their hasn’t been any data out yet tonight. The Euro is currently trading on session highs after breaking some downward trend line resistance. The next topside target is now 1.2877.

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IMF said to propose boosting its lending resources by $1 trillion USD.

EUR/USD made a new high of 1.28413 following the release; breaking through the prior high of 1.28073. The topside target remains 1.28772.

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USDCAD trading between support and resistance

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The USDCAD is trading between support against a well established trendline and resistance against the 100 hour MA and 38.2% retracemetn of the move up from the July 2011 low. The support line comes in at the 1.0115 currently and resistance at 1.0178.  The bias is down being below the 100 day MA, but a break of the trendline is still needed to give the sellers additional satisfaction.

Later today (at 10:30) the BOC will release their quarterly Monetary Policy Report.  Yesterday, they kept their rates unchanged.

EURUSD moves toward key trendline resistance

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The low for 2011 in the EURUSD came in at the 1.2857.  The trendline off the December high comes in at 1.2866. The market is moving toward the level as comments from Greece and such keep the shorts on edge.  A move toward the level, however, should solicit selling /profit taking on the first test.  On a break, however, there should be some stops triggered. Given the substantial trend lower since October, there is room to roam above if the shorts get scared and cover. So far, so good. The bears remain in charge. However, be aware and be prepared.

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