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Euro And Cable Remain Sideways

Dear Traders,

The U.S. dollar advanced against its major peers Monday after hawkish comments from Federal Reserve President Dudley provided some relief for dollar bulls. The EUR/USD fell to a low of 1.1140 but refrained from testing the lower 1.11-support level, at least for the time being. Unfortunately, we had to record one false breakout with our long entry at 1.1210 before the downward movement has finally proved profitable. Given the current low-volatility environment, we expect the EUR/USD to remain confined to a range between 1.1230 and 1.11. If the pair dips below 1.11 we could see further losses towards 1.1030. A sustained break above 1.12, however, could send the pair higher towards 1.1280.

The GBP/USD traded sideways while a break above 1.2810 proved only short-lived. Sterling traders will watch Bank of England governor Carney’s speech today at 7:30 UTC. If Carney touches on monetary policy the pound could be vulnerable to some volatile swings. We bear in mind that U.K. inflation has increased above the BoE’s 2 percent goal putting pressure on policymakers to reduce some of the central bank’s stimulus. If Carney begins to express a hawkish stance the pound could rise. Technically we are now waiting for price breakouts either above 1.2820 or below 1.2720.

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Sterling Trades Higher, Euro Remains Consolidated

Dear Traders,

The British pound knew only one direction yesterday: Upwards. U.K. employment data came in mixed, whereby wage growth slightly missed the market’s expectations, but sterling continued its recent recovery against the greenback and traded significantly above 1.52.

It was not a good day for euro traders. The euro traded consolidated between 1.0775 and 1.0705 and failed to show any profitable momentum. As long as there is no catalyst pushing the pair into a clear direction, the EUR/USD could be trading in a sideways range. If  the currency pair is able to break above 1.0790 we see next resistances at 1.0810 and 1.0830. Current supports are seen at 1.0705 and 1.0680.

EUR/USD

With prices above the current trading range, the euro may head for a test of the resistance line at around 1.0820/30, from where reversals may become more likely. Fresh bearish momentum is likely to increase with a break below 1.0680/70.

Chart_EUR_USD_4Hours_snapshot12.11.15

There are no major important reports due for release today. U.S. Initial Jobless Claims, scheduled for release at 13:30 GMT could only have a limited impact on the U.S. dollar. Furthermore, Fed presidents Bullard, Evans and Dudley are due to speak on economy and monetary policy.

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