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Bearish Inside Bar on EUR/USD

September 15, 2009 by

EUR/USD is down today even with the optimistic reports from both Eurozone and United States coming out. The currency pair is currently forming an inside bar chart pattern from the technical point of view. I believe we are back to a more “normal” logic where USD is benefiting from good U.S. fundamentals and the growing stock market. EUR/USD is now trading at 1.4586.

Advance retail sales report for August showed 2.7% gain today, which is much better than 0.2% decline in July and considerably better than 1.9% growth predicted by the forecasts.

Producer Price Index (PPI) increased by 1.7% in August, following negative 0.9% reading in July. The average forecasts by the analysts showed 0.8% increase.

Empire State Manufacturing index rose from 12.1 to 18.9 in September — it’s highest reading since late 2007. A growth to 15.0 was expected by the market participants.

Business inventories in U.S. declined by 1% in July after falling by 1.1% a month earlier. They were expected to decline only by 0.8%.

If you have any comments on the recent EUR/USD action, please, reply using the form below.

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