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From : FX Daily Hotline: 4 September 2015
Chart of the day: S-t down bias emerges for Euro v US$

 

The sections below show that the Euro fell out of favour during Thursday's session.

For example, a 0.9% loss was recorded against the US Dollar.  The chart displays the single European currency resuming the correction from the overbought late-August high.  Note that the fall from that peak, at US$1.1714, caused a failed break over the multi-month trading band.  The ensuing 'bull trap' pullback is now  probing potential support at the 50-day Moving Average, but the stronger platform is not until the May/early-August floor at US$1.0809.

 






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