Forex: EURUSD Advances to 1.3600 with Stimulus Speculation Ahead
• In Friday's session, the same Eurozone CPI data that preceded the last ECB rate cut is due
• A short-term EURUSD breakout scenario is perhaps better than medium-term fundamental Aussie opportunity
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Holiday trading conditions in the US dampened risk trends for the FX market, but volatility and trade opportunities are still presenting themselves. Of particular interest for the final 24 hours of this trading week, EURUSD found its way just above 1.3600 as the market lines up for the most recent update on Eurozone inflation and labor data. Just last month, this same combination sparked the Euro's sharp selloff and ushered in a surprise ECB rate cut. Tight technical congestion and an imminent fundamental ignition present appealing short-term opportunities which are perhaps better suited to current trading conditions versus the more prolific but tamed themes of Aussie and Kiwi yield forecasts. We weigh these opportunities in today's Forex Trading Video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.