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Direction for Euro Remains Unclear

November 13, 2014 0 Comments

EURUSD is trading in a kind of range since the beginning of the week as the US Dollar Index attempted Tuesday to advance to new multi-year highs.

No special offer is to comment this morning on the latest movements during the EURUSD is mostly technical in nature. Operators are questioning the immediate potential for appreciation of the greenback as the Dollar currently testing its highs of 2010. It is therefore not surprising to see a temporary halt of the upward trend of the US dollar since Friday.

Today’s economic calendar includes the industrial production figures in the eurozone at 11am CET and a speech by the President of the European Central Bank (ECB), Mario Draghi, to Rome to 15h. Overseas, the president of the Federal Reserve Bank of Minneapolis, Narayana Kocherlakota, will speak on the monetary policy of the US central bank to 19:30.

While these events are able to impact the price of EURUSD over the very short term, potentially allowing opportunities for trading this afternoon, the fundamental outlook for the EURUSD likely remain unclear until the publication of Gross Domestic Product (GDP) in the euro zone Friday.

Filed in: Euro Forecast

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