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The common currency is ending the week as its started, contained in a choppy, uneventful range against the  greenback. Investors were hoping for some action this Thursday, with Central Banks' officers from both shores of the Atlantic hitting the wires, but after the dust settled, the pair continued trading a handful of pips above its weekly opening. 

Overall, the bearish trend prevailed, although the market is not yet ready to push it lower. As for this Friday, Germany released its GDP readings for the Q3, in line with expectations, and hardly affecting the market. The country grew 0.3% in the quarter, and 1.8% compared to a year before. The calendar will be pretty busy today, as Europe will release its own GDP readings, whilst the US has scheduled Retail Sales and PPI data for October among others. 

View the Live chart of the EUR/USD

In the meantime, the short term technical picture is bearish according to the 4 hours chart, as the price is barely above a horizontal 20 SMA, while the technical indicators aim lower around their mid-lines. The immediate short term support stands at 1.0725, with a break below it probably signaling a downward continuation towards 1.0690, followed then by 1.0650.

Advances up to 1.0810 are seen as selling opportunities, although some follow through beyond this last can see the pair extending up to 1.0850 before the end of  the day.

Latest updates on the EUR/USD Forecast

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