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On Wednesday, the euro/dollar rate closed down. During trades in Asia and Europe, the buyers were trying to resume the growth, but at 1.1000 they met with sell orders. This forced them to leave their long positions. As a result, the euro quickly cheapened.
Euro trading on Tuesday finished down. The euro/dollar fell during the American session to 1.0970. The euro lost against the dollar and pound. The pound strengthened after the publication of inflation data from the UK which exceeded expected levels and lowered the need for the country’s central bank to drop their interest rate. Speculators are also trying their hand on rumours that the UK parliament might vote against leaving the EU. As a result, the euro was under pressure from the cross.
Trading opportunities for currency pair: the price has left the triangle formation downwards. The trend line was broken with this departure. The target for the downward movement is 1.3774. The time the target regions will be reached is from 11th to 28th November of this year. As our entry point we need to look from a bounce on the daily. A close of the daily candle above 1.4500 means we should hold off selling. Risk for the trade: 1-2% of deposit.