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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.



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EUR/USD Accelerates Its Growth As Expected!

EUR/USD is trading at the 1.2188 level and it could reach the 1.22 psychological level soon. I told you yesterday that the pair might increase further if the US Dollar Index dropped deeper.

The DXY resumed its sell-off pushing EUR/USD towards fresh new highs. Technically, the US Dollar Index was located deep in the seller's territory, so a further drop was imminent.

Fundamentally, EUR/USD was expected to jump higher, not because the Euro is very strong, but because the US retails sales weakened the greenback.

EUR/USD Reached New Highs!


Now we have to wait for either a retest of 1.2176 or for a valid breakout above the upside line before considering going long again. The major upside target stands at the upper median line (UML).

The material has been provided by InstaForex Company -