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Forex: EUR/USD trends up trading at 1.4875

Wed, Nov 4 2009, 23:28 GMT
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FXstreet.com (Sydney) – The EUR/USD continued on its upward trend for the week finishing the day’s trade at 1.4875. This represents an improvement of 1.05% for the week and is likely to test heights not seen since October 25. Current supports are at 1.4625 with key resistance at 1.4860. If this can be overcome, the EUR/USD may once again test the 1.5000 mark.

While the prevailing trend of the euro against the dollar in on an upward bias, the EUR/USD must hold onto 1.4860. Any falls below this level could see the dollar gain momentum. US unemployment data is due this Friday.

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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

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