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Equity markets were posting declines for the second consecutive session, following up from Friday’s bearish close. Economic data remains sparse amid talks that the United States and China are close to inking the Phase one of the trade deal. The yearend flows are also likely to blame as investors book profits.
Euro Extends Gains Largely on Dollar Weakness
The euro currency continues to maintain the bullish momentum as the common currency rose to a four-month high. Economic data out of the Eurozone was quiet. The dollar was weakening as investors await further details of the trade deal.
EURUSD Trend Likely to Shift
The currency pair is currently struggling near the resistance area of 1.1193 – 1.1177 region alongside a confluence with the trend line. We, therefore, expect a retracement if price fails to breakout higher convincingly. Given the thin liquidity in the markets, the euro remains at risk of a move ...
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