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Euro May Have Set Important Low Following ECB Rate Cut

Euro May Have Set Important Low Following ECB Rate Cut

2014-06-05 15:25:00
David Rodriguez, Head of Product
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Euro May Have Set Important Low Following ECB Rate Cut

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EURUSDThe Euro may have set an important low as it stopped and reversed near $1.35; our proprietary retail volume data showed the biggest spike in transactions since the last major Euro bottom near $1.33.

Trade Implications – EURUSD: There was a tremendous sense of déjà vu as the European Central Bank cut rates, the Euro tumbled, retail FX volumes surged, and yet the EURUSD seemed poised to hold key lows.

Crowds are solidly short Euro as it reverses from key lows, and further traction above key congestion near $1.3650 would instill confidence that the pair has set an important low. Key price and time cycles likewise suggest the Euro is at a key inflection point.

See next currency section: GBPUSD - British Pound Remains at Risk of Further Declines

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Euro May Have Set Important Low Following ECB Rate Cut

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