“The EUR/USD pair surged from its year low at 1.2219 to an intraday high of 1.2272, despite the data coming from both sides of the Atlantic resulted disappointing. Early in the day, the German index of import prices decreased by 2.1% in November 2014 compared with the corresponding month of the preceding year”.
“In the US, sales of existing homes unexpectedly fell 6.1%, the weakest reading since May. Furthermore, the EUR was weighted by rumors the ECB will be forced to implement some form of QE in the short term, as local economic conditions continue to deteriorate”.
“Dollar gathered some limited upward momentum late US session on the back of gold slide that lost over 20 bucks as selling resumed. When it comes to the technical picture, the EUR/USD pair remained limited in a tight intraday range, and the hourly chart shows price around a flat 20 SMA and indicators turning lower around their midlines, showing no directional strength”.
“In the 4 hours chart technical indicators remain in negative territory, while 20 SMA heads lower above current price, offering intraday resistance now around 1.2280”.
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