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Wednesday, October 23, 2019

EUR/USD -The positive view


Key Quotes 

24-hour see: "EUR traded some place in the scope of 1.1116 and 1.1157 yesterday, lower and littler than our "lower trading extent of 1.1120/1.1170". The worth movement is still observed as a segment of a hardening stage and EUR is required to continue trading sideways for the time being, likely between 1.1110/1.1150".

Next 1-3 weeks: "EUR slipped and shut lower by - 0.21% yesterday (NY close of 1.1124). While we continue holding a comparative view from Monday (21 Oct, spot at 1.1150), the 'sound' rally that we highlighted appears to have persevered through a minor disaster. Everything considered, only a break of 1.1070 (no adjustment in 'strong assistance' level) would show that EUR isn't set up to deal with 1.1200 at the present time. To put it another way, if EUR by one way or another happened to move underneath 1.1070, it would mean the present positive stage that started more than seven days earlier (see clarifications in the outline underneath) has run its course and EUR would likely union and trade sideways for a period".

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