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Weekly Forex Forecast -17/11 : Support Ahead (Chart)
(MENAFN- Daily Forex) The EUR/USD like many major currencies has found its value getting hammered lower as USD centric strength has galvanized global Forex amidst risk adverse trading and shifting behavioral sentiment.
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- The EUR/USD went into this weekend near the 1.05380 ratio. The low for the week in the currency pair was around the 1.04955 vicinity on Thursday.
- While the trading of the EUR/USD was able to climb higher on Friday and tested the 1.05925 ratio, the currency pair showed weakness as the week came to a close.
- Behavioral sentiment has certainly seen a strong USD centric mode increase since the election of President-elect Trump has been reacted upon. The EUR/USD was trading near the 1.09320 mark on late Tuesday the 5th of November.
- If the EUR/USD is able to start showing some buying momentum tomorrow and on Tuesday and support levels begin to look durable, this may be a sign financial institutions believe the currency pair is starting to enter oversold territory that needs a response.
- Day trading in the EUR/USD will likely remain dangerous this week, but for those with a taste of adventure the support levels below may look attractive as places to try and look for reversal higher.
- But betting on a sustained move higher in the near-term may be too much wishful thinking, this until behavioral sentiment starts to solidify in financial institutions.
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