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e Euro forex futures traded on the CME

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Category: Forex

This morning, we take a look at the Euro forex futures traded on the CME.  Ever since an unimaginable rally within the first half of September 2012, the Euro has shown a consolidation pattern between 1.28 and 1.32.  Since making a current high above 1.31 in September, we discover that the Euro has made “increased lows” and “lower highs,” that are indicators of non-conviction in the market place about the Euro’s direction.

We now have a tough time seeing the Euro have a sustained rally above recent highs above 1.31 as a result of the poor financial data popping out of the Euro area is just too tough to look previous and begin to assume the Euro will rally. Additionally, theUS Dollar Index seems to be like it is constructing some bullish strength above the 80 stage, and with this we see the Euro doubtlessly testing the lower end of its latest range at 1.28.

 

Our key pivot stage is 1.31, and that is our major resistance degree, which the Euro has not been capable of trade consistently above since making its current high above that level in September. Furthermore, the Euro is at present buying and selling beneath two major uptrend support lines going again to September and August.

The large story for the beginning of the market week will be Hurricane Sandy, anticipated to hit the Northeast Monday and keep a while. With evacuations scheduled, we could see a disruption of the monetary markets and presumably the closure of the New YorkInventory Exchange. With the scheduled closure of the subway system, some bridges and highways, workers at the trade and different financial establishments could not be capable of get to work. The storm, nicknamed "Frankenstorm," is expected to be the worst in 100 years.

In the meantime, markets are still awaiting a definitive U.S. presidential election result subsequent week and value action seems to be on maintain till then. We will mood our feedback till then.

 
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