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EUR/USD Flat After Reaching 22-Month Low

May 24, 2012 by

EUR/USD was flat after earlier today it reached the lowest level since July 2010. The euro was continuously declining since the beginning of May as the possibility of Greece’s exit from the eurozone was becoming more and more material. As for news from the United States, durable goods orders grew slower than expected, but unemployment claims were almost unchanged, signaling that the US labor market has stabilized.

Initial jobless claims was stable at 370k last, matching forecasts of analysts, who predicted them to stay near the previous figure of 372k. (Event A on the chart.)

Durable goods orders rose 0.2% in April, compared to the predicted 0.5%. The March value was revised to -3.7% from -4.2%. (Event A on the chart.)

EUR/USD for 2012-05-24

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

One Response to “EUR/USD Flat After Reaching 22-Month Low”

  1. stp

    In my experience, a four month high or low is a sign of a trend, a 22 month low is therefore a trend that has been under way for a long time.

    Obviously no trend will last forever but on the Forex market once a trend has begun it is more likely to continue than not.

    Never bet against the trend, trying to pick tops and bottoms is for gamblers ;)

    Nice blog by the way :)

    Reply

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