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Euro Rose to 1.3405 in Europe After Subtle Asian Session

Posted by Chris Advincula on Nov 11, 2013 6:28:00 AM

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LONDON – Nov.11  The euro rose a modest 48 points against the dollar to the morning session high of 1.3405 from 1.3358 in Europe where most of its buoyancy came from the surge of the euro-sterling cross which rose 45 points to 0.8385 from 0.8340.  After a long consolidation period in the prior Asian session between 1.3370 and 1.3350 and recovering from the steep 120 point decline from Friday to 1.3320 following the stronger than expected U.S. Non-Farm Payroll, today’s initial price action in Europe was an extension of the short covering rebound and cross-play in the euro-sterling in particular.

Trading has otherwise been thin and many can expect the market to remain range bound, as we enter today's U.S. Veteran’s day Holiday, with the U.S. Treasury Market closed, but stocks will remain open.

The dollar had eased down modestly as profit-taking ensued in the European morning. On a passing review, the 10-year U.S. Treasury yield soared 15 basis points to close at 2.75% last Friday and sent stocks and equities higher Monday as the market raised expectation that the Fed could start tapering QE earlier than previously anticipated. Analysts from JP Morgan and Morgan Stanly had moved their QE tapering call to December-January.

Support levels:          1.3300, 1.3295, 1.3254

Resistance levels:      1.3438, 1.3465, 1.3500



Chris Advincula

WorldWideMarkets, Ltd.


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Chart: WorldWideMarkets Alpha Trader


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