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  • Germany's central bank (Bundesbank) warned earlier today in its monthly report that if the government extended its Covid lockdown, the country could suffer "a sizeable setback"
  • The US Dollar Index rallied more than 0.6% this week marking the second consecutive weekly advance. Get your $USD update from @MBForex here: https://t.co/hVshzMbc31 https://t.co/LG0HG9fQ4c
  • There are a few Dollar pairs that have offered up a provocative, tentative technical break to suggest a reversal is possible. EURUSD is the top of my list to watch but $NZDUSD is of interest as well with many kiwi crosses offering similar view https://t.co/Ss74IIOdc7
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.17% 🇨🇭CHF: 0.05% 🇪🇺EUR: -0.05% 🇨🇦CAD: -0.27% 🇳🇿NZD: -0.28% 🇦🇺AUD: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/uDoBCy0PfZ
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  • $EURUSD traders are in for a busy week with a raft of important economic releases, the latest ECB policy meeting and President-elect Joe Biden’s inauguration all hitting the market in a matter of a few days. Get your $EURUSD update from @nickcawley1 here: https://t.co/mOOzNnfwLL https://t.co/DEVMWKiZ0l
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Silver: 0.69% Gold: 0.39% Oil - US Crude: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/UiZvDLCvUl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in NZD/USD are at opposite extremes with 68.25%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Od7eL4ih4L
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 0.38% Gold: 0.30% Oil - US Crude: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/wQaxDJ4OL5
  • 2021 has been a marginally positive year for the Indian Rupee (INR) following similar trends exhibited by other Emerging Market (EM) currencies. Get your $IRN update from @WVenketas here: https://t.co/ZVYvhWwtqc https://t.co/v9Or9Wbr00
Forex Strategy: Looking to Re-Enter EUR/USD Short

Forex Strategy: Looking to Re-Enter EUR/USD Short

Ilya Spivak, Head Strategist, APAC

My short EURUSD position at 1.2982 was stopped out on a close above major falling trend line resistance set from May 2011. The upward breakout may be proving false however, with prices reversing sharply lower after putting in a bearish Dark Cloud Cover candlestick pattern at the top of a falling channel set from mid-September.

...

Sellers have now broken a rising trend line set from the November 13 low, hinting at a larger move lower ahead. In the interest of improving risk/reward parameters, I will set up an entry order to enter short at 1.2978, initially targeting the 23.6% Fibonacci retracement at 1.2830. Once the trade is triggered, a stop-loss will be activated on a daily close above 1.3125.

...

SEE CHART HERE

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