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Forex: EUR/USD rises above 1.4970

Tue, Nov 10 2009, 19:44 GMT
http://www.fxstreet.com

FXstreet.com (Córdoba) – The Dollar weakened across the board in the last hours as stocks turned positive at Wall Street. EUR/USD broke above 1.4970 and currently trades at 1.4979/83, 0.12% below today’s opening price. Greenback failed to confirm the break of the support at 1.4950 and moved away form the lows. To the upside, the pair could face resistance at 1.4990 and above at 1.5020 (intra-day high).

Michael J. Malpede, analyst at Easy Forex affirms: “EUR traded lower pressured by report of weaker than expected German business sentiment. German November Zew economic sentiment index dropped to 51.1 from 56 last month, a reading of 55 was expected. The Zew current conditions indicator also declined to -65.6 from -72.2. According to Zew officials today’s report suggests that the German economic recovery will proceed in small steps.”

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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.

©2010 "FXstreet.com. The Forex Market" All Rights Reserved.