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Euro/Dollar Tests Recent Range Resistance Highs During Early Trading

January 2, 2013 11:31 am GMT+0  in Forex Fundamentals and News

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Euro/Dollar Testing Recent Range Resistance Highs

Recent developments in the US were initially supportive for risk and high beta currencies during the Asian session, as the House of Representatives approved a bipartisan deal to raise taxes for high earners, thus avoiding the so called ‘fiscal cliff’.

The EUR/USD has subsequently retraced a lot of the earlier gains and is now trading near the previous candle high, after breaking marginally above last weeks range highs but not on a sustained basis as of yet.

Key event risk this week includes the Non-Farm Employment Change Unemployment Rate figures from the US.  This data shows changes in the number of employed during the prior month, excluding the farming industry and often brings increased volatility.

See the following EUR/USD daily chart from earlier today:

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Forex FX 4X is a blog from the UK covering the Forex market. We bring you regular updates featuring the following posts: tutorials, weekly and daily forex, gold technical analysis, forex software information/reviews, market sentiment updates and anything else of interest related to Forex. email: forexfx4x (at) gmail (dot) com Any news, opinion, analysis, price quote or any other information should be taken as general market commentary only and not as advice to trade on. Omissions and errors may occur.

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