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Euro continues lower as Draghi and data dissapoint
Thursday, 08 November 2012 18:12 GMT+2
 The euro fell to a two month low against the dollar on Thursday after the European Central Bank kept interest rates constant and said that the euro zone economy shows little signs of recovering before the year end. German exports fell at their fastest pace since last year according to German trade data, showing that the economic crisis has affected Europe’s largest economy as well. In addition reports that Spain will not ask for help until next year also weigh on the common currency.
 
Technical Analysis
Currency Pair EUR/USD GBP/USD EUR/GBP USD/JPY EUR/JPY EUR/CHF DOW
Resistance 2 1.2800 1.6080 0.8030 81.10 103.35 1.2140  
Resistance 1 1.2775 1.6040 0.8000 80.60 102.15 1.2090  
Market   1.2725 1.5975 0.7965 79.85 101.60 1.2060 12850
Support 1 1.2700 1.5925 0.7920 79.50 101.30 1.2050  
Support 2 1.2640 1.5890 0.7885 78.85 100.15 1.2000  
 
 
Trade Idea
 
EURUSD 1h chart
 
The pair continues lower and looks poised for more losses. An approach to 1.2775 would be considered a selling opportunity targeting 1.2640.

 
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