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The US dollar recovered from Monday’s decline, but price action was largely confined to the previous session’s range. Reports that China was willing to buy US agricultural products sent equity markets briefly higher, reflecting the risk sentiment.
However, overall, USD remains rather muted ahead of the ECB meeting. Economic data also picks up with the producer prices and CPI reports coming up later in the week.
Euro Holds Firm as Markets Speculate Easing
The euro held steady on Tuesday. This comes as investors speculate whether the central bank will announce its QE program at the monetary policy meeting this Thursday. Speculation is rife that the central bank could seek more time before committing to a relaunch of QE.
EURUSD Forms a Minor Double Top
The EURUSD establishes resistance near 1.1059, forming a minor double top pattern on the four-hour time frame. A breakout above this level will see the euro rising to 1.1085 as the minimum target. Further gains could push the common curren...
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