The currency pair broke the 1.24 level before dropping below 1.237.
An eventful 24 hour period for the major Forex pair has seen the EUR/USD break the 1.24 level for the first time since last week, before adopting a strong downtrend during the earlier stages of the day.
We also had discovered that the US Retail Sales had unexpectedly reported at 0.1%, whilst many predictions hovered around 0.4%. With these values all below estimates, it is possible that the sudden downtrend may continue on a short-term basis, before continuing its strengthening on a more long-term scale.
With Benoît Cœuré due to give a speech on behalf of the European Monetary Union, signs of significant news may also change the general shape of the pair.
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Disclaimer: The forecast above is of my opinion and should not be used as a firm indicator to act on the market, but as an insight and thorough analysis of the general movement and trend of the currency pair discussed above.
My sell limit will wait at 1.25.
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